Just bought one this week. A small shop had one in the back tucked away. I went there looking to play the new elite precision, but they didn't have any. So I was trying many different Fenders that had the PJ configuration when the salesman brought this monster out from the back. I will do my best to describe it for you.
First off, this thing really has it's own sound. Hard to describe, you really just need to hear one in person to fully get it. The sound is big and huge, even on the higher D and G strings. Cutting through the mix won't be a problem. You can shape the sound pretty well too for a passive instrument. Make it sound like a dull thump all the way to roaring monster ready to rip your face off.
The neck is wide, modeled after a 63'P I believe. So if you like the thinner jazz you might not like it. It has the thinner tall frets which makes it play very fast. Requires very little pressure to hit the note, good for hammer-ons too.
Slab body, but feels comfortable. The weight is good and the balance is good as well. The build quality is superb. What you would expect for a 2k instrument. There isn't really to many cons for me because it checked many of the boxes that I was looking for. It is expensive, so there's one, but it fell into the price range I was looking in so that didn't bother me much. Also, it's rare, although that wasn't why I bought it. I read somewhere that around 400 were made.
Basically if you are looking for a Fender PJ style bass that captures the look of the 51', but plays and sounds like a new instrument I would recommend it. Hope that helps.