Yeah the tone is in your fingers, now i will sell all my expensive basses and buy a nice indonesian sunburst squier jazz bass for $120 (used).
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Well, I just purchased a broken headstock new VM Squier 70's Jazz bass and I like it so much I just sold my American Special P Bass. I paid $120 for the Squier which included shipping. The repair rook me about 2 hours (and an overnight for the West System epoxy to cure).
I've had an American Deluxe Jazz in the past, so I know what a top of the line Fender a jazz should sound and feel like. The Squier has "that" feel and tone (to me...well, and my band thinks so too....).