I got the replacement Squier CV, and it's so much better then the lemon I first received it's incredible! Since the no pics, no bass rule applies, here she is:
Last night while I was watching the hockey game (Go Leafs!) I grabbed a screwdriver and took the pickguard off. What I found inside was a very pleasant surprise!
The first thing I looked at was the pots, and they are nice quality Alphas!
I then looked in the pickup cavity and saw it was painted black, with a ground wire connected to it. I then took out my trusty multimeter and discovered that it was shielding paint!
So, missy, what's your birthday?
Taking the neck off was the best thing I could have possibly done. As you can see in the picture there is some 'dirt' on it, there was a lot more of it where the neck and body connected. After I cleaned that out (mostly sawdust and paint chips) and bolted the neck back on the body vibrates like crazy. I found the e string to be a little off at first, after the cleaning it is now the way it should be. I guess the factory it was made in isn't kept very clean.
There is one small imperfection, the neck has a little chunk taken out of it near the pip on the top of the fretboard at the fifth fret. While annoying, it isn't anything major enough to return the bass. I since filled it in a bit with a furniture marker and it's barely noticeable.
I'm very happy with this bass, especially with the unexpected pots and shielding. After another setup the playability is amazing, the CVs are an incredible value for $350!