I put some fender standard P and J pickups in mine and they sound great. In fact, a really nice beefy and throaty growl.
one thing I noticed is that they have the P pickup the same absolute distance from the bridge, which is actually a larger percentage of the string length on the shorter scale, so it is actually closer to the neck than the sweet spot on a long scale P bass. That, coupled with the lower string tension, and overall shorter scale, gives it I think a deeper tone, but still some good mids, and overall I like that effect. but definitely a little bitter darker than a normal P bass.
I still want to replace the pots, because they feel somewhat flimsy, but have gigged with them no problem. The chamber is smaller so they would have to be small pots.
Other than that (and the Squire logo vs Fender), the only thing I would like to be better is the body wood is almost too lightweight. maybe an alder or ash would balance better and feel more like a long scale / traditional (but still lighter)
Overall a great bass, and makes those long rehearsals and gigs much less tiring. looks cool too.