MIK Squire II basses can be pretty cool, the necks are somewhat unique in that they have a very flat radius. The Squire II necks I've had were built well out of nice, hard maple and pretty lively. The bodies are sometimes plywood, not that it's a horrible thing.
MIJ Squiers aren't much different than MIJ Fenders in terms of quality and fit/finish. The hardware is sometimes less "expensive", but it varies. IMO, I'd say that generally "A" series, "SQ" series and "JV" series MIJ Squiers can be as good as anything that Fender produced from that '82-'86-ish time period.
So even though the sky is the limit, there are limits to what we'll call "sky".