Quality varies from product to product- I've received four BAB products from Ipsy- the Bora Bora quad, the infamous mascara, setting powder and the eye base.
The only truly bad one was the mascara, and it was really only because mine dried out after a few uses. Some people freaked out over the smell but it really wasn't that bad. The Bora Bora quad is something I use from time to time and don't have issues like some had with pigmentation. The setting powder is the exact same thing as every other brand's setting powder in that they dumped cosmetic grade silica powder in a jar and put a fancy label on it (seriously, MUFE's setting powder has the exact same ingredient as this, same with the ELF product) so there's not a lot of room for screwing it up. The eye base is meh, I like the color and packaging but it creases pretty quickly so I don't really use it a lot.
Overall, I find the products to be on par with ELF and NYC products- some are good, some are just okay, and some are terrible. That'd be okay at a $5 and less price point, but for $15-$20 products, I would not repurchase. I'd pay $8 for the eyeshadow quad if it had nicer packaging, but that's about the most I'd pay for any of the products I've tried so far.