Yeah, I got a recall on my first Parang, which Gerber replaced at no charge. I like the mechanics of the way the blade works, but the overall quality is lacking for bushcraft and whatnot.
It's better than a rock. Well, that's not fair. If you're someone who just wants to limb trees and cut scrub, it's a fine enough tool. It'll probably kill an angry human too. But it's not a tool that's up for a deep bite in a piece of hardwood or heartwood and a subsequent twist.
I did a brief review here and on bladeforums when I got it. But it's a 30 dollar hacker. It's not meant for heavy abuse.
I wouldn't mind buying a better quality Parang. I like the swing/chop mechanics of the Parang a lot. Bent blades or broken handles, not so much.
The new one stayed in my closet for quite a while and had the caution sticker on it til recently.
I'm sort of bummed out about the Gerber brand going downhill, but this is how it is I suppose.
As for the Hatchet, Council Tool (made not only in the US, but here in NC) makes some very nice stuff on par with the Eastern Euro stuff people love so much. Actually, they make a product called "Camp Axe" which has a 1.75 lb head and a short two hand handle for <$50
Council makes a lot of neat stuff for wood work, crafting, and firefighting, forced entry, etc. I like their heads and find the quality to be pretty good.
http://www.counciltool.com/product.asp?pg=product&item=175HB28
Their upscale velvi-cut line is what's really on par with the Euro makers. Those heads are very very nice quality. I use axes a lot and really like that I can buy an American product. If they'd start building race axes, I'd buy them and get into timbersports...
Anyway, they're worth a look.