I had several 788's over the years, especially in 22-250, and loved them. I remember when they cost under $100 new. They had 9 rear locking lugs and at the time were said to have the fastest lock time of any centerfire rifle on the market. They would outshoot almost anything, and half MOA in the 22's and 6mm's with decent handloads were the norm. Someone already mentioned the bolt, that was a weakness, a weak design, they would break off, especially those made in later years. Warm handloads and even some factory loads made for a hard bolt lift, sometimes very hard, so people over stressed the bolt handle. I never broke a bolt but I've known of a couple that did. Some of them felt a bit "notchy" on later ones when you worked the bolt on an empty gun, even new ones, and I believe it was partly timing. I have great memories shooting them but I eventually discovered the Savage 10/110's as their replacement (cheap, super accurate, but strong and reliable) and that's what I've had the most of since.
Some smiths specialized in them and from what I understand, any kinks could be fixed, whether any of those businesses are still around I don't know. I remember that they were written up in Precision Shooting magazine a few times and they raved about them, especially the ones that had been tuned.