I had one back in the 1970's. I think it was a Charter Arms version (or maybe original Armalite?). Whatever it was, it worked fine and was a lot of fun for a teenager. I used it more than my "real" .22 - for a teenager, it was very cool to be able to put the whole thing into the stock. And it worked reliably and was accurate enough for shooting at ground squirrels.
I've looked at the Henry versions, and, while I like the fact that they have space for an extra magazine (you can leave one in the receiver when you put it into the stock, unlike the originals), I find that I can't get my face down to look comfortably through the peep sight. I think the stock must be fatter (or maybe just my face!). Something is different, because I have a very beat-up old Armalite AR-7 that still fits me fine (I don't think its the same one I had as a teenager - I believe my dad found this one somewhere). I'd check this before you buy the Henry version. I've also seen some that have what appear to be painted stocks - the color chipped off easily. I'd look for one with the color molded-in.
I don't think the AR-7s compare with a 10/22 for solidness and accuracy, but they are much lighter, fun to shoot, impressive to show to non-gun-people, and generally decent and fun guns.
Doug
[This message has been edited by DougB (edited May 16, 2000).]