For me the magic of the Precision Bass is the fact that it has a clean, clear voice that is agressive sounding when pushed, sweet sounding when treated gently, and that it does not lack in any particular frequency or tonality in the bass spectrum.
It has plenty of tight, focused bass, plenty of ringing treble, and LOTS of mids -- which is where the voice of the bass is really shaped.
This allows you to really create any sound you want with just one bass, using a combo of amp EQ and the instrument's tone knob. It can sound like a piano, it can sound like a mud bucket; it can be the nastiest or the sweetest sounding bass based on how you play and process it.
One trick pony? The one trick that continues to make the P so popular is that in the right hands it can do anything!
Lowbrow