Okay enough chain yanking for one night :)
You are correct in that MANY of the 60's and 70's luan shells were less than perfect from the factory and these newer Chinese (or wherever they are from) kits have better shells, hardware, etc... I know this already because I've owned one now for about 5 years and I've used it both live and in the studio. The only thing I changed were the heads because I'm not a clear single ply head kinda guy. Other than that, they look and sound great. I mean come on... RIMS style mounts, a lacquer finish and (like it or hate it) heavy duty Pearl style tom hardware on a 5 piece kit for $350.00???
Will they last 50 years? Well, if you take care of them, don't over tighten the hardware, etc... then maybe. If not... who cares - They are cheap enough to buy a kit every 10 years.
And for the record, my first kit, a stencil kit from 1977 or so, is still holding up quite well. Original lugs, tom mounts, etc... all still working just fine. That's a 30+ year old kit which I beat the heck out of, dragged around without cases and was never very careful with.
Yes, you have to do some work on the older luan shells, but they can sound good if you're willing to put in the time. And when you compare prices to the vintage US stuff... well, some of us have more time than money and I personally enjoy working on a drum and bringing it to life. Heck, I collect Kent's, so it's a given that I'll have to spend some time on them.