What is involved in a guitar set up and why is it important for maintaining the instrument's playability and sound quality?

A guitar set up involves adjusting the instrument's components such as the strings, neck, and bridge to ensure proper playability and sound quality. It is important for maintaining the guitar's ability to play in tune, have comfortable action, and produce a good tone. Regular set ups can prevent issues like buzzing strings, high action, and intonation problems, keeping the guitar in optimal condition for playing.