Not necessarily, dude. There are precision basses that cost over $1000 that are just incredible. There are even P basses (or P bass knock-offs) that will last a lifetime and kick ass while they're at it for under $500.
It's all about preference. P basses and more boutique basses, like Alembics, have different pickups (and pickup possibilities), neck shapes, number of frets, body shapes...any number of things that make each one very appealing to different people.
However, the Precision bass is very standard--lots of people use it. That doesn't mean it's bad. It's traditional and it's a workhorse. To name a few (commonly named examples), look at James Jamerson, John Entwistle, or Steve Harris and what they've gotten out of Precision basses and what they've done with them!
It's all about what makes you happy. It's not a good idea to buy a $3000 Spector or Modulus when you're starting out. If you're happy with a P bass, you are in no way inferior (and neither is your bass) to someone who owns a bass they had to drain their 401k to purchase.
Make sense?
