I've just started my first kit - an ST-1L (thanks PitBull for the lefty special!)
The neck was pretty good out of the box. The maple just needed some 1200 grit wet/dry sandpaper to come up nice and smooth. I'll probably finish it with a light coat of Tru-Oil to bring out the grain and mild flame figure.
The rosewood fretboard appears to have been filled and sanded where there is the side of a knot on the underside. Unfortunately, this was done after the frets were fitted - two scuffed frets. :-/ Some 000 and 0000 grade steel wool polished out most of the scratches. The rest was okay, but felt a bit rough; I lightly rubbed the rosewood with steel wool for a smoother finish.
I'd previously bought some Fret Doctor oil (http://beafifer.com/boredoctor.htm) - it's awesome stuff. A little goes a long way. (Postage is a killer; buy a "big" 60ml bottle, and share it with your mates.)
Aa with other oils, apply with a small piece of cotton cloth and reapply where the wood is "thirsty". Working up and down the fretboard several times is probably enough. Buff off with a clean cloth after 15 minutes or so, and again 15 minutes later (until "dry".) A tea towel or similar is better than a soft t-shirt; it helps to polish the wood.