Hi Conan,
I'm a little in late picking up this thread but welcome.
These MIK models are usually nicely made guitars and should perform fairly well.
But IMHO they cannot touch the Japanese made ones, and using a solid colour finish on these makes me suspicious that the wood used is less than first quality (or laminate construction).
A painted finish on an acoustic soundboard can also be a tone sucker unless it's done meticulously well with the right products. So it's not my personal preference.
As to the playability, all is not lost. A certain amount of bellying up behind the bridge is normal, and is caused by string tension over time. Normally it is not a cause for concern unless it is extremely high.
What really concerns me is that crack in the fret board. That looks to be evidence of severe drying (and likely low grade wood too). If it had been a physical blow that caused it I think the sound board would have been split but I don't see that.
Dryness is likely the cause of the un-eveness in the frets too. As the wood has shrunk the wires have popped out of their slots. This can be corrected very easily by wicking in a small amount of thin "crazy glue" in the slots then clamping the frets down for a few minutes until dry.
Then you can level the frets and re-crown, buff with #0000 steel wool, and oil the wood. Adjust the truss rod to correct neck position. Done
Easy peasy
