Got to play each of these side by side at a local shop. The Fenders sure have improved... I love the neck with the rolled edges, also liked the look (white w/ maple neck). Setup sucked, but what else is new. Not so crazy about the super thick poly on the fingerboard, but that's just a cosmetic thing. It was very light and resonant. The Lakland was equally nice. I'm not so crazy about the blocks and binding... just seems out of place on a P. The pots and knobs were noticeably higher quality than the Fender. Very smooth and precise. I usually don't dig jazz width necks but this one felt great and the low action and tiny frets gave it a slick, greasy feel that I really got into. As for tone, no contest. The Lakland wiped the Fender clean, IMO. The Fender seemed to have a bigger low end and more punch at first, but I soon realized that was because the mids were so weak. The Lakland was perfectly consistent on all strings as well as up and down the neck. Mids were very present and rich. Sounded beautiful. Overall, I like the look and feel of the new Fenders. I wonder if a setup, new strings and Lakland pickup would get it close to the Lakland tone-wise. If not, I can't really see buying one of these '08 Precisions. Just not the tone I look for in a P.