Because of other reviews I read here and here I did not bother trying to remove mold lines and I did not use a guide coat (a light paint wash on the white model). The mold lines weren't bad - a bit on the helmet and on the legs, might be more of an issue on a different model.
As mentioned before the model was a bit bent, but very hot water allowed me to reshape it.
Now for painting and some pictures! I've never photographed my miniatures before so it was a bit of an experiment, I think the pictures turned out okay though.
Here is the unpainted model:
I painted on three base colors and then added a brown wash. I found that if the paint was thinned at all that it slid around a lot on the plastic so I had to keep my brushes and paints quite dry. The only issue was that it meant I had to be extra careful not to fill in details - on the finished model there are a few places where the paint on the chainmail is a little too thick.
Because of the paint slipping on the plastic I had to do some evening out of the base layer, mostly accomplished with dry-brushing. I followed that with detailing and dry brushing, along with some additional washing, brown or black depending on the area. I think it turned out looking pretty decent, and the model is definitely a value at $2.
These models are definitely intended for play. They are cheap and durable (I did a lot of bending of it trying to straighten out the sword before I was successful). If you want perfect control, go for more expensive metal models. I don't know about other people, but I don't like other people handling my metal models, whereas this I will not be fussy about.
It looks like many of the bones line also come in prepainted versions, but frankly mine looks a lot better than the prepainted version and I'm by no means an expert painter. Also, the unpainted models are a good bit cheaper (even counting the paint).
So the upshot is that I am totally satisfied and I will by buying more of these and I can't wait to use them.