I've got one of the cheap assemblies(~25 shipped), I haven't run one, but I figured post turbo and post WBO2 if it leaked a tiny bit or needed a little high temp sealant I wouldn't be too offended. The slip style band clamp I have leaks a tiny amount already, not enough to hear, but enough to make a little soot around the clamp.
The flanges are flat and machined decently. The clamp looks alright, but I haven't torqued it down on anything. The ad said it was stainless, but it has some very minor rust spots/discoloration after taking the oil off and letting it sit around my house for 6 months. I'd guess it's a 400 series SS, kinda stainless, but will rust somewhat, not like mild steel though. This one doesn't have the locating lip, so you need to slide 1 pipe 1/8"-1/4" past the flange and the other pipe back into the flange so it will still bolt together. This makes it harder to leak and easier to assemble.