I bought this bass because I'm poor and I needed a p/j guitar for the versatility. I already had owned my humbucker bass for a year, and I picked this up off MF for $149 on a Christmas deal. When it shipped to me, I was blown away by it. For the money, I was expecting a clunker guitar that needed new everything. What I got, though, rivals the high-end Squiers and low-end Fenders. The pickups put to sleep my desire for true p/j sound, they absolutely nailed it. These pickups (when I first got them) sounded thin to me, but that was because I'd owned my humbucking Ibanez and was used to it. The P-bass pickup has a really fat, punchy sound that actually is enhanced by a solid state overdrive. I found that with a tube, it doesn't sound nearly as good. So, in some aspects, it is truly designed for the budget player after all. The J-style pickup, however, sounds great no matter where you stick it. It's simply a joy to play, and the short scale helps too. I named her Alex after a dear friend of mine who photographs my band.
As I'm cheap af and it was my first bass, I got this bass in a set with a Rumble amp and case etc. Best investment ever. This thing is so versatile, and since mine is in sunburst I love it even more! Unfortunately recently it's gone through some input wear and tear which is a problem so soldering needs to happen. I guess that's one of the only cons about buying a Squier over a Fender.