I realise I'm a bit late getting to this thread but came across it via a search engine so thought others might too...
I went out shopping for new bass about 6 months ago and had my heart set on a Fender P bass (my hero growing up, Steve Harris, always plays a P bass so I had posters of them on my bedroom wall for years!). As it happens the store also had a Yamaha 424 discounted by £100 so i thought I may as well try it while I was there.
I spent the next 30 minutes in a glass booth scratching my head... I just couldn't understand how the Yamaha was so much better than the Fender. I even asked the guy if I could try another P bass to make sure it wasn't just a problem with that model - it wasn't...
I accept that things like action are about personal preference and I'm sure the P bass would have suited me better if I had it setup but for me the Fender was just inferior. When I asked the 'experts' in the store why the Fender was so much more expensive all they could offer was that the build quality meant it would last for ever, but they ALL agreed that the Yamaha was the better instrument. Weird.
Anyway, I have been playing my 424 constantly since I got it and love it. I occassionally call into guitar shops and play around on other stuff but nothing has beat it yet.
My advice is to not get hung up on the Fender logo and go for quality. In this case for me that meant Yamaha.