I checked out a local Lowe's and have to say I was a bit disappointed in the quality of these overall. I think they're a good deal, but I don't know how much of one... several of the sets had oddly molded jaws (the teeth were nearly flat on a few) and many of the sets had lots of lateral play such that the jaw heads wouldn't line up properly. Out of 7 or 8 sets I only saw a couple which I thought were manufactured up to par, and they weren't without blemishes. Maybe this store just had a bad batch, but I sort of expected more consistency from Knipex.
I have a set of the Channellock Griplock pliers which I picked up from Northern for $25 (3 sizes, 6, 10, 12), and they have a similar jaw design. Apart form the lock on the Cobras and finer selection ability, are they that much different when it comes to use?
I do like the heft and feel of these and will probably stop by another Lowe's to find a nice pair and test my luck with the 20% HF coupon.
Flat teeth? They should be relatively sharp and crisp. You have a legitimate complaint here.
Blemishes? Well, they are first and foremost a tool, not jewlery or art. They'll get way more blemishes, scratches, and dings when they get used or carried around on the job. Often times pock marks and blemished on a new tool are left there on the steel surface and are simply a result of the drop forges these things go through when being made.
Lateral play? They're pliers! Just like any real tool they need to have some looseness and slack so they don't bind up under real use or if they get dirt or deposits on them when using them. My older 10" Cobras have probably a slight bit more play than other newer Cobras I've examined, yet mine have never failed me when using them.
I wouldn't worry too much about this kind of stuff. I don't know why everyone has this idea that pliers need to be free of wiggle and play.

Plier only need to be tight when they lock on and grip an object, that's it. When it comes to pliers I'm a big fan of Channellock and have been for years, yet of all the various Channellocks I own, it's my GripLock GL-12 pliers that have a way worse overall finish from the factory than anything else out there....talk about a crude surface! Looks like the cross section edges were finished with a rasp. Yet they are actually the tightest wiggle free pliers I own and they bind up sometimes too. But when griping they perform just as they were intended to, flawless.