I actually see it as having a top-notch Fender built to my specs. The construction will be solid, the woods of quality, attention to detail on a very high level and all other options as I want them to be. Plus, the bass will be a Fender and not a Fender-copy, if that matters to you.
As for the electronics, they are not that much of a deal, especially on passive models; minimum attention is required in order to have a proper working circuitry. The pickups on Time Machine Series (unless otherwise specified) are Fender Originals and, not wanting to lie, they are indeed a good match for the instruments. However, there are definitely better pickups out there, so a possible change seems logical.
Here are two fast comparison audio clips I did before I changed mine - excuse my playing and the whole recording setup, I was in a hurry and didn't payed much (to any) attention. I hope the results to be clear.