At $289, you must be talking about the Sterling Sub. Bought one last week (make sure to ask if there are any promo discounts going on- I got 15% off ). I was actually trying out a few basses including the Stiletto and a few high end Ibbys. Really, the Sub is amazing value I have to say.
I even played it alongside a true blue Ernie Ball Stingray and it's pretty close to the sound of one, the neck on the Sub is slimmer which I prefer.
It didn't come home with me (that day anyway) because I really wanted the Mint green color and all they had were the satin black ones, so while at the store, I ordered one and had it shipped to my house from the Tennessee branch. It arrived a couple of days ago and playing it next to my Spector and Tobias, I have to say I love this thing a bit better!
Now in terms of whether you're trading down in value, monetary speaking yes, but imo you'll be getting a better bass for less. I had a hard time wrapping my head around that, - I went into GC with more money in my pocket and had a budget of around $500, I walked away with a bass that was half that cost, (as it was the best of any bass guitars I tried within the $0-600 price range). Yes I was tempted to buy a 4 string AND a 5 string Sub but marital responsibilities got the better of me, and the extra money saved I gave to my wife for her art hobby.
Still have my eye on the 5 string, although from what I know, there's a honeyburst finish that'll be available next month.
FYI- I sold a MIM Fender Jazz bass V in order to help fund this purchase, so was I trading down? No... Imo, I got the better bass for me, and got extra money in my pocket to boot. Rather than trading for the sub, either keep the Stiletto or sell it on CL (get more money for it) then buy the Sub.