They have their fans. having an inexpensive pipe is a handy thing to have when you want to try out a blend you have not had before. No sense in "ghosting" a $100 pipe on an experiment. Corn cobs can serve the same purpose.
They make a good little working pipe just make sure it is not Brylon . The bits are useally made of nylon and they slip over a metal shank . http://www.smfrankcoinc.com/ybmd/medico/medicopipes.htm
Most Medicos are briar though and among the cheapest estate pipes on Ebay. I've had several,always a good smoke for me.Have two in my rotation at present.
I have a Medico varsity that is Italian Briar and brown blasted. I find it smokes great mind you I haven't smoked anything else but it hasn't discouraged me from continuing my pipe smoking hobby so as a beginner pipe I think it holds its own very well.
I have a 60+ year-old Medico that I'm currently breaking in. It smokes great, and I like the size, weight and shape a lot. Aesthetically, it is a disaster--countless fills, poorly fit stem, etc.