Here is my beater, which is seeing a fair amount of work right now.
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It's a parts bass. MIM neck, Warmth body etc. But, it is set up perfectly and has excellent passive tone. I am quite fond of it.
The use of inexpensive basses vs higher priced instruments gets debated a lot on TB. I kind of like the player bass that isn't too special for a lot of gigs. Kind the same way I would put on a pair of jeans to go down to watch the football game at the local sports bar vs a pair of fancy slacks. Nothing wrong with the slacks. Just use them for going different places. If that makes any sense at all.