I've a couple of their watches, very happy with both, no problems so far. I often see that most of the negatives for the brand around the internet seems to revolve around the name rather than the quality of the watches, to many folks seem to think they just pulled a name out of hat to sound swiss, but as was mentioned earlier in the thread, the name was picked to honour their grandparents, one of whom was involved in the watch industry.
Although their designs might not be to everyone's tastes, I personally think they are very good quality at the price ranges their watches sit in.
I have the Frederique Constant 'Flyback Chronograph Manufacture' FC-760V4H4.
with their in house Cal: FC-760 movement.
And Frederique Constant Index Slim Automatic FC-303MV5B4 (Cal: FC-303) which for me is just a beautiful dress watch, especially in the sun, on the wrist.