The feel of the Harmony Hollywood is pretty good overall, but it isn't the smoothest action that I've ever played. Since this is an old guitar, a lot of them have been messed with over the years, so sometimes it is hard to tell if the one you are playing is in original form as I imagine that most of them are not. Getting a good sound is pretty easy as this guitar does has a pretty good inherent tone that definitely has the hollow body signature sound.
I usually use the Harmony Hollywood with a 1976 Fender Twin Reverb and this has really been a good fit for this guitar. The reverb on the Twin Reverb is the perfect type for this guitar and they two really sound good together. I don't use too many effects at all with this guitar as I usually keep the signal pretty clean or use the reverb on the amp or the vibrato effect. The clean tone is good enough and is usually the type of sound that I'm going for. This guitar is great for all sorts of music, but I usually use it for folk, country, or rock music.
I've had the Harmony Hollywood for longer than I've been playing guitar as it has been in my family for years and it was a guitar that I didn't play for a while but recently have picked up again and I've really enjoyed playing it. It has a unique sound and definitely has an awesome look to it. The action isn't the best, but it is definitely playable and the great look and tone make up for that in my opinion. These are somewhat hard to find, but aren't all that expensive if you can find one used. I would definitely recommend checking out this guitar if you are looking for a nice hollow body guitar that won't cost too much money.