ME editions of Sadowsky basses are extraordinarily good values. You will find most of the Sadowsky improvements that Roger has honed into Fender Jazz Bass and Hybrid Pbass designs, as well as his Modern line instruments.
With two upgrades, you get a bass that is very comparable to Metro Line basse which cost $3500
ME line uses high-quality wood, but you will not find chambered Ash or Alder used in these instruments. Instead, the MEs use Okume, which is very similar to mahangony. ME's will be heavier, and bodies are not chambered. You can shop around and find them @9 Lbs., which is a reasonable weight.
The Chinese hardware is not great. While the bridge functions well, the tuners are imprecise and don't tune smoothly. So if you buy one of these instruments, just order better Hipshot tuners.
The pre-amp in the ME is fine, but if you want more traditional Fender tones, you want the VTC. That adds a couple of hundred bucks, but that upgrade gives many more sonic choices. If you want to go for just a little more, get the Will Lee version of the Sadowsky Preamp, which has a mid boost - that's $250 instead of $200. Go for that Will Lee Pre.
With these upgrades ($400 - $450), you are still paying about the same price as a Mexican Fender Player Plus, and you're getting an instrument very close to the Metro Line German Sadowsky basses. To me, it's a no-brainer.
Re: 5 string neck - the neck is not a Louisville slugger baseball bat, it's a modern C comparable to what a Fender 5 string neck feels like with a very flat 12" radius. If you are looking for an Ibanez style with a very thin neck, this is not your bass.