I got one of these World Receivers last year (?), it's a Sangean 505 in Radio Shack paint.
Excellent for SW broadcast listening, great sound through headphones, great for Medium Wave, too (if you use a loop). In locations like mine, by itself it's a moderate MW DX receiver, but with a loop, it will pull a lot more stations, and for a small digital portable it has great MW selectivity. Others here, probably in higher MW signal areas, have said it works great on MW all by itself.
Main weakness is SSB reception, it will sometimes garble a bit on strong signals, or where pulse noise is present. It's the AGC. Just switch the RF attenuator from DX to Local and crank the volume up to compensate. There's enough gain in the radio to still make the SSB readable.
But, for the money, it's a great radio. Sangean generally doesn't make junk radios, at least in my experience with the brand. I'm more than satisfied with the World Receiver I got. I use mine nearly every day.