I have an S270 and it's good... for the money. I paid US$150 S/H. The woodwork is very good and it's a beautiful and very comfy instrument, but the hardware...
The ILT-1 trem is single-locking, so it's good for gentle vibrato and little more. I have mine blocked. The Powersounds are bad. If you have some nice pups hanging around, replace them ASAP. I still could get some decent metal tones out of them, but that's becaise they're muddy as hell LOL
The fretwork is pretty good BUT it's a 2001 model and it already needs a
fret level, and I don't play it that much, so the frets are pretty crappy quality. That said, I love the neck and it fits my hands to a T. The tuners are OK, stays in tune pretty well (with the trem blocked) and intonation is perfect.
Basically, the wood and craftmanship are as good as a higher model, but the crappy hardware and electronics will have to be upgraded sooner or later. I've been happy with it as my only axe for 2 years because I couldn't afford any better, but it does need the upgrade.
I suggest you go with the S470, that's a pro quality guitar to begin with, unless you already have spare parts to put in the S270 (new pups, pots and OFR at least). I haven't played the S470, but I guess it's a sweet guitar, and not too expensive now that RGs are overpriced.