Reviews in current issue of Rifle Magazine read make it sound extraordinarily accurate for a bargain price. What else out there in bolt actions fit this bill currently?
First, like Sheepdog said, you'll hardly find a negative review from sources like that because they're getting paid to recommend it. I think it's a fantastic starter rifle, or back-up rifle, or something along those lines; but it isn't as if the Ruger American makes the market standards obsolete or anything. The Winchester 70s, Brownings, Remington 700s, Tikkas, Savages (minus the Axis), etc, are all better products.
Second, the other rifles in it's "price" class (regularly, NIB) include:
Marlin X7
Mossberg 100ATR
Remington 770
Savage Axis
Stevens 300
There may be a few types of rifles no longer in production to get new at that price, but that's generally it. I'm not a fan of the Rem 770, nor am I a fan of the Mossy 100. The other three (and the Ruger) seem better built and have smoother bolts.
Also, I've occasionally seen Rem 700s, Savage 10s/110s/11s/111s, Howas, Weatherby Vanguards, Thompson Ventures, Mossberg 4x4s, and Browning A-bolts USED for about the price as those listed, new.