I love those things.
They need the frets leveled, dressed, and polished, better strings, and the nut slots to be nicely cut. Better tuners help. Everything else is fine IME/IMO, including the pickup.
It's a shame they're $200 now. They were $150 for many years. I got mine in like new condition for $100 locally.
Working on another at the moment. Bought the body on E-Bay, and will be putting a spare Mustang PJ neck on it.
Also, I have the CME pink one on order – supposedly coming in December. I bit the "bullet" and paid full retail for that one. I have a few plans for it, though. I happen to have a 1/4 Pound slab Precision pickup sitting here...and the guard needs to be black IMO.