In the past year I've purchased three Fender P type basses. A Fender Blacktop P bass (MIM), a Fender Deluxe Precision (MIA) and a Squier by Fender Chris Aiken signature model (MII). I only kept one.
The Blacktop was a train wreck. The neck needed shimmed to even get the action close. The overall fit and finish was poor. It stayed out of the box about 48 hours then got shipped back for a full refund of my $499.99. Quite a disappointment.
The Fender Deluxe Precision was a beautiful instrument. Impeccably crafted and solid as a rock. The biggest complaint I had about the build was trivial-the saddle adjustment screws stuck up to the point of being uncomfortable when palm muting. I could have ground them down but I decided that I really didn't care for the neck profile so I sold it... for a small profit.
The Chris Aiken was a total shot in the dark. I bought it on a whim with a coupon. I truly expected to receive an inferior instrument that I could either immediately dismiss as junk (and get a refund) or use as a platform for modifying (assuming it'd need new hardware and electronics). Imagine my surprise when instead I unboxed a well crafted, nearly perfectly set up instrument. The hardware was solid, the electronics well done (I tore into it looking for major issues-nothing). And as a bonus, I absolutely loved the neck profile. Easy as pie to play and very comfortable. I kept it.
So why waste bandwidth and post my Fender GAS results from the past few months? I dunno. Maybe because I figured spending more than a grand would get me an instrument I loved: it didn't. I also assumed paying a little more for a mid level Fender would at least get me a serviceable instrument: wrong. And I also concluded that a $274.99 bass would be an unplayable piece of crap: it wasn't.
I'm sure there are wonderful and poor examples of each level of Fender product, YMMV. For me, the results were a bit surprising.