I've owned and played extensively this bass for more than 2 years now. I wanted to wait for some time to pass before doing the review, as my main concern was that the neck wood would be of low quality and bend/skew with time. It hasn't! The neck is still straight as an arrow and plays perfectly.
Sure, right out of the box you can see some imperfections, but only on the non-essential stuff, like scratch plate trimming imperfections, unequal length on the saddle screws etc. but really, who cares, given the low price? The important thing is that there are no compromises on the stuff that matters.
I gave it a 5 star rating on the sound, but I have ordered an original Fender pick-up with it and fitted it immediately, so really, hadn't had the chance to play it with the original one. However, there are plenty of YouTube videos of people playing this bass unaltered and it sounds pretty good. As many wise bassists have stated, "the tone is in your fingers" :)
If you're just starting out, or planning to experiment with the P bass sound, it's the perfect starting axe. Do the proper adjustments (intonation, string action, truss rod) and that's it! It'll sound and play as good as any P bass does!