Well, it has been a bit since I posted this thread - was actually surprised to see it pop back up - but I'll take the opportunity for an update.
My little FG has been a great addition to my gear. I shoot it quite a bit, and even added two extremely cheap lenses - a Makinon 24mm f2.8 and a Soligor 80-200 f4.5 zoom (with "macro" focus!). I bought the two lenses for $25 for the pair, and well... the Soligor seems to be pretty darn sharp, while the Maknonis a typical cheap WA - lotsof distortion, and plummetting quality if not stopped down. The E-series 50mm is a little gem - a little flimsy feeling, but I would say its probably sharper than my 50mm Canon 1.8 lens - but that may just be a function of me managing some better shots by total chance - I doubt its anything else, seeing how hte 50mm's are pretty hard to screw up! In addition, my wife loves it - its really comfy for her smaller hands. So now the tally is $30 for the FG, matching Nikon flash, 50mm, 24mm, 80-200mm lenses.
Having said that, would I spend actual "market value" money on that camera? Probably not - for one, its a different system than the one I have already invested in (not a matter of brand loyalty, just the monetary investment in a choice I made), for two - I have seen Canon A1 bodies go for about the same money on eBay if you look hard enough, an it is a more capable camera. Even if you compare it to an AE1, they seem to be twice as much on average - and are not twice the camera, more accurately they are basically on par - the Canon having DOF preview and a controlled shutter speed down to 2 seconds vs the fg's one. But the way I came by this camera, I am quite happy with it - it is what it is and I like it.