My main gigging bass is my Squier VM Jazz. I love it so much, I just picked up a fretless version of it. So no, never ashamed to pull out the Squier at a gig :)
I bought myself one of these about 3 years ago as my first bass, and couldn't be happier with it. Best part is when someone starts talking trash about it being a squire, and then leaving them jaw dropped with the tone a few seconds later.