I was definitely going by the first generation, I remember those were more like a pre 1995 am std, but with the cheaper satin finish and vintage style bridge. They didn't impress me much. It was the same time Gibson introduced the satin/worn finish guitars and Ernie ball came out with the sub. They were all going for USA at a lower price.
I do remember the budget line getting some upgrades and a gloss finish, I just forgot if they got the graphite. And if I am not mistaken, these upgrades came at a time when fender went through a price increase. Personally, I didn't like the original highway 1, I was too enamored with my pair of american standards. I had developed a thing for reinforced necks, and Warwick fit that bill too.
It was a feature I was willing to let slide on the geddy, which I also had since about 99 or so. Always wanted an am std neck with blocks though.