As a fellow talentless noob, but in a band (as I think I remember you are), I have two, each around $500 value. Actually, they were both gifts: I've bought myself cheaper basses, but sold them when I was given these. To me, more than that would be a luxury. But I want more anyway... if I had the money to experiment, I could see getting one or two more.
As far as the value goes, I don't think that has anything to do with talent or whatever, just what you can afford. There's no reason you have to learn to drive in a broken-down jalopy, and no reason you have to learn bass on a cheap instrument. If you can afford it and it's worth the investment to you, then get a more upscale instrument.