That all depends on who's doing the reloading. Some of it is very good, better then the average factory stuff.
And some of it can also go the other way, ranging from inaccurate/unreliable to dangerous. 3D brand comes to mind after seeing their .45ACP 230gr LRN's lead my 1911 barrel more within a couple of magazines than properly alloyed bullets would do in several hundred rounds of ammuntion. Same companies .40S&W in a friends USP produced a distinct pop-bang similar to a percussion muzzleloader.
Not sure of what company made them, but saw remanufactured .223 with improper neck tension set back round after round in an AR as well.
On the flip side, I have had good luck with GA Arms and heard nothing but good about Black Hills remanufactured ammunition.
