Hi,
I picked up a new 50's classic series P bass in 2 tone sunburst last October. It's an amazing bass, especially for it's price. It's got everything a P bass fan would want. The first gig I brought it to, I was planning to just have it there as a backup. After I heard it through the club's SVT with an 810 cab, I used it for the entire gig and every gig since (and to think I'm usually a Jazz bass guy!)
It's incredibly light as well. I haven't weighed mine but I imagine it's under 9 pounds.
Squier's are an incredible value, especially these days. I like their VM series and I have tried their classic vibe 50's P bass. Decent, but I do feel a difference in quality from my Fender. I guess it just boils down to what you're going to do with the bass: use it as a main player or a backup.
IMHO, you can't go wrong with either but I think that in the long term you'll be happier that you spent the extra $$$ for the Fender.
Whichever bass you buy, enjoy your purchase!!!