I've played one at a local guitar store. It was used, and they wanted $300 or $400 for it. My impressions:
Obviously cheap construction. Obviously cheap wood and finish. The string spacing at the nut was WAY uneven. Cheap but apparently functional hardware. I don't really remember the fretwork but IIRC the action was high enough to make it difficult to judge. Because I wasn't too impressed with the construction I never bothered plugging it in, so I can't comment on the tone or electronics. I did actually have a lot of fun playing it unplugged, as it was the first seven string bass I'd really put hands on. I was impressed enough with the possibilities of a high f that I bought a Conklin GTBD-7 on ebay not long after.
If you want more info you can look on talkbass.com. You can also check the review section of harmonycentral.com if you haven't already.
I personally wasn't a huge fan of the Galveston, and wouldn't really recommend it. You could probably get a used Conklin GT-7 for around $600-700 on ebay with the current crap economy, and that's generally considered a really good bass.