You can think of it like a Mab/Nashiji. Basically iron clad white#1. Handle shape is a little bit different than the Maboroshi but steel feels similar to me in terms of feel on the stones and in edge retention. Quality of handle fit&finish is really luck of the draw. I've had some that were pretty nice, and others that are complete trash. But all in all for the price, I think they're a steal.
It depends on the specific knife. I've had Morihei FF that are very thin, but also others that are much thicker as well. There's just as much variation as with any TF you look at.