I had a few posts in the long iwata clone thread. There were several different clones mentioned in that thread. I bought the cheap zhipp gun off of ebay, and believe that seller is long gone now. Bondoking had a version made by astero if I can remember correctly.
Mine sprayed decently, and bought to try out and see how it performed for such a low cost. I wouldn't call it an hvlp gun like it was advertised, or like a real iwata is. It still sprayed with a fair amount of overspray, allthough not as bad as other conventionals I have used in the past. Plus was it isn't an air hog, and probably could be powered by a smaller compressor then I have.
I had a few problems with it, biggest being the plastic cup cracked soon after, and had to go get a stainless cup from harbor freight. Basically throw it away when it breaks, because its going to either be difficult to get parts for, or they would probably cost more then you paid for the gun in the first place.
I still have the gun, although I haven't used it in quite awhile. Last time I tried using it, I must have not have cleaned it well enough, and need to tear it apart and clean.
Since that time, I bought the real deal, iwata lph400lv. I had always planned on spending the money for a good gun anyways (had a 200 gun I used for many years spraying base, but was still using cheaper conventionals for clear).
Although that cheap knockoff gun is suppose to be a copy of the iwata w400, in no way does it compare to the iwata lph I now have. That said, it doesn't spray too bad for the price. But if you do any amount of painting, save up for one of the top guns. As others said, they will soon pay for themselves in saved material and redos, and make your life a ton easier.
After using the real iwata a few times now, no way I'd want to go back to a cheap gun. Even though It took me awhile to invest in one of the top rated guns and I got by and decent results for quite a many years using less expensive guns. A good gun like the iwata I have now, make getting those results much less effortless and are worth the cost. They also seem to handle the higher solids clears of today much better, and you no longer have to dump on the clear attempting to leave no dry areas, which can lead to things like solvent pop or dieback. Save your money for the best gun you can afford if you plan to do any amount of painting, they are worth it.