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I've been looking at P basses lately, so I made a point to spend a lot of time at the Fender booth at this year's NAMM checking out all kinds of P's.
<snip> I'm not sure all of this has much of a point, other than this: you can't always assume that the most expensive option will be the best, especially for your specific needs.
...anyone who thinks a squire is as good as a MIA or a custom is either delusionally justifying their lack of finances or tone discernment, or worse, has never once picked up a better guitar and seen where the money goes... components, fit & finish.
It is great that with modern production techniques that cheap guitars are playable..certainly was not the case when i was a teen, and its better to be playing than not playing.. but quality counts as much in guitars & basses as in anything else...
...The video that the OP posted shows the initial reactions to these instruments, but id be willing to bet that down the road, they just wont hold up nearly as good as MIA, custom shop, etc stuff. I think alot of people have the longevity factor in mind when they purchase higher end gear, besides just the instant gratification aspect.