I have one from a pass and haven't smoked it yet. It looks and smells like a real winner. From what I understand, these are seconds of name brand cigars. The chart is on another thread, though I don't remember where. It was recently though.
The best analogy is probably Polo shirts. You can buy them at TJ Maxx or an outlet store and the tag on the inside is usually broken. At least half of my shirts at one time were "seconds" and I have never had anyone tell me that they noticed the difference. I never have noticed anything. Then again, I never put the Polo shirt in my mouth.