As I understand it, Cisco gear is made in China. What makes this particular stuff "Bogus", is that Cisco didn't get their cut on it.
As for backdoors, it runs the same firmware as the ones that get the Cisco cut, and this can always be updated at any point.
Apart from the price, one big advantage of the "bogus" ones, is that you don't have to fill out reams and reams of paperwork just to install a router in a company in a country that isn't America. (And there's always the possibility that they will say no, export laws and all that.)