I have the exact same tool - funnily enough it's also in the same condition as the one you've pictured...
I can't actually get to it at the moment - it's buried somewhere in the garage. However, I do remember that I was very surprised when it arrived. As you say the philips isn't too good but the plier head and pivots all showed remarkable smoothness, with no slop anywhere. And I'm pretty certain there was no clumping when trying to select specific tools.
I went through a phase of buying budget MT's a year before joining MT'o. At the time I honestly thought that the premium MT's we talk about on here were for people with more money than sense........................
I'd actually rate this somewhere up near the crunch clone.
It isn't that bad at all. However, I also bought the other Bahco MT, that's basically a leatherman knock off. It was returned to amazon the very same day it arrived - postman delivered it, I opened it, put it back in the packet, printed off the return label and posted it back - all within an hour or so, it put me straight off buying any other MT from Bahco.