Raceline is the 'high end' arm of Apollo. They really do produce some decent bikes.
Basically the frames at this level are made in Taiwan, at the same factories where they make Giants, Treks, Avantis etc etc etc. So basically they're all pretty similar in terms of quality. Having said that, I'm not certain the model you refer to is made in Taiwan, if it's made in China steer clear, a bike of this spec should be at least Taiwanese made.
The potential problem is that many shops that stock Apollo (and thus Raceline) are fairly low end affairs that don't take a lot of care in assembling and servicing their bikes (see what I wrote to Twisties in his post on $1000 FS bikes).
Definitely the parts spec looks pretty nice, and I'm sure it will be competitively priced in comparison to the Treks et.al. All you will be giving away to someone on a bike with the same spec that costs 30% more is **** value.
I had a 2002 Raceline Enduro for a little while (before I was lured to the roadie side of things )
It was a good bike (and great value), albeit a bit heavy for my liking (13.5kg or so), and the component spec was compromised a little bit here and there. Then again, it was their "entry level" hardtail so that's to be expected.
I'm no expert on judging frames, but I had no problems with it. (By the way, yes they are Taiwanese made.)
The specifications you list sound quite good, though -- can't really pick any holes in it like I could with the spec list of my Enduro.