As stated, 788s were Remington's budget rifle back in the day, but they quickly acquired a reputation as tack drivers. The first 1/2", 5-shot, 100 yds group I ever saw fired with a factory rifle and factory ammo was a 788/Weaver Sportsman combo rifle in 223 a friend of mine bought for $150-ish back in 1978. Many benchrest rifles and varmint rigs were built on the 788 due to it being very rigid and very fast lock time.
Although they were accurate, they were heavy, a friend of mine had one in 243 that weighed in at 8+ lbs without a scope. There were issues with the magazines and the safety levers due to the use of lots of plastic parts. They are a rear-locking action and prone to stretching, there were also quite a few blow-ups due to people hot-rodding 788s (my friend really hotrodded his 223 to almost 22-250 velocities). Remington took them off the market in 1983. There were reports of bolt braze joint failures, and safety lever issues similar to what was reported with the 700.
Keep in mind that few parts are available, magazines are hard to find, and any 30-year-old gun will likely have issues that need to be addressed. All in all, they were a fun gun and cheap, but you can usually buy a used 700 for what people want for a 788.