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It's a lot of bass for that money and, frankly, the mods aren't even necessary unless this is gonna be your workhorse.
Its a knockoff company. Just cheap basses thrown together to copy quality basses.
Lead based based paint.
You guys are half right -
High quantities, automated machining and assembly and good design are true, and the reasons for the low price. In addition Essex does not have a chain of stores to support and has minimal marketing and sales costs - ever seen an ad for them?
Starvation wages are not - this is a myth. The factory workers don't make a fortune, but compared to their real cost of living, they make a good wage, and they have room, board and uniforms provided by the factory, so it costs them NOTHING while they are working.
I spend about 2 months a year in China visiting factories for our clients, just returned. Factory workers in the South now make around $100 / month (up another 5% just this year) for 40 hours and now have overtime, unemployment, social security and other benefits paid. Wages in the North are only a little less, but catching up quickly. This may not seem like a lot, but a multi-course meal for 5-6 people in a nice restaurant in a small town may only be a few dollars.
Most workers save the money for 2-3 years and go back to their little village where people make 30 CENTS a day and buy a farm or business or donate the money to support their entire family at home.
Sure there are some sweat shops with slave labor but this has really gone away over the last 20 years as the standard of living throughout China has skyrocketed and large buyers such as Wal-Mart have insisted on changes and have their own inspection staff to enforce the rules. Wal-Mart is the largest buyer in China and has tremendous power there.
Something to note - Prices in China will continue to climb - in another few years products will not be any cheaper there. Some business can go to other countries, but no one has the resources to take over, and the standard of living in other places is also climbing. Companies that are SMART will start to re-design their products for fully automated assembly with minimum labor and stuff will start to get made HERE again. This will put me out of business, but hopefully I will be retired by then so I can play full time!

Cheaper woods, all plainsawn instead of riftsawn or quartersawn. Plainsawn necks are very likely to warp over time.
Cheap hardware that will tarnish and rust much sooner.
Poor finishes
Poor fretwork (lots of labor involved in quality fretwork)
Poor routing jobs, neck pockets, etc
SX basses are fine for what they are. But a quality instrument will cost much more. And then you can spend even more than that for something that has a lot of TLC put into it.