Is factory reloaded ammo any good?
First, you have to define "factory" in the context of reloaded ammunition.
Conceivably, the "factory" could consist of a guy loading in a spare bedroom. Small one-person operations often can, and do, turn out extremely good ammunition. They can also turn out very bad ammunition. Multi-person operations run the same gamut. What needs to be done to assure peace of mind is to evaluate the product, the end result of the process.
1) Is the appearance uniform, with even crimps, uniform case coloration, properly recessed primers and no evidence of bullet shaving?
2) Is overall length consistant within tolerances? (Bear in mind that factory-new ammunition also varies slightly in OAL.)
3) If appearance is satisfactory, shoot a sample of the ammunition (from a rest, if possible). If the ammunition produces a grouping consistant in size and shape to what you get with comparable factory-new ammunition, appears to have consistant recoil and an examination of the spent cases reveals that they are free of defects such as splits and protruding primers, the reloads are probably acceptable.
4) Reloads, compared to factory-new ammunition, may produce more smoke and powder residue; may have more smoke-blackening on the spent cases; may produce more leading if using lead bullets; have a different point of impact and have a different felt-recoil. This doesn't mean the reloads are inferior to factory-new ammunition, just different.
5) Even major manufacturers of new ammunition produce defective product occasionally. What is the reloader's policy on returns of defective ammunition? Does it indicate that the reloader takes pride in his product?
NOTE: Two terms appear frequently in this post: "consistant" and "uniform". Product that is consistant and uniform tends to denote quality.