"I'd check for little problems like fret buzz. If any frets sticks up too far, a string will vibrate against it and buzz when certain notes are played. Also, if frets aren't level at the ends, notes you bend have a tendency to die."
Low action means the strings are close to the frets so your fingers don't have to press hard when noting. This is particularly important on fast leads.
Playing the instrument is one way to check is one way to check for low action.
"I could take a blindfold test and tell a good American guitar from a foreign one. Good neck set, sustain, intonation, and low action playability would give it away."
The height of the action can be adjusted at the bridge or tailpiece on some guitars and basses. Adjustment of the truss rod inside the neck can also improve the action.