I own a Cargo (raw pre-Peavey). It does indeed sound like a full sized guitar. It doesn't sound as good as my GX or Vintage Performer, but it sounds like it could be as big as they are and has a satisfying tone (certainly much more so than the Backpacker I used to use for travel).
The short scale, though, is an issue for me because I play with a capo a lot, as high as the 7th fret. Some songs get very tricky when I'm playing capo 7. If you don't capo much above the 2nd or 3rd fret, the short scale likely won't be an issue. If you capo on the 5th fret or higher, you might have issues with the scale.
My next choice would likely be the Emerald T8. I prefer the more traditional look of the "T" series Emeralds, and I think the tone would suit me better than the X7-OS. I haven't played either, though, so this is based on what I've read.
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