At one of our gigs, about a month ago, a guy came up to our stage and triple-taked a look at my bass.
After the show, I was putting everything away and he came up we talked a bit. He told me he was in a "garage jam band" and that he'd been playing bass for 10 years or so. He asked me, "What kind of Fender are you playing? I've never seen anything like it." I explained to him that it wasn't a Fender. I told him all about how SX basses are imported from China through rondomusic.com. I told him that I actually picked mine up used, for $75 (it's a sparkle red "Jaguar" copy). I pulled it out of the case and handed it over to him. He must have said at least 3 times, "I can't believe this is a $75 bass". I told him, "Well, it's really not, they're usually about $120 new." He said that he loved the sound of it so much, and that's why he had to check it out.
It's funny, I'll pay $500 for a good guitar (I really want to buy a Fender MIM Telecaster Custom '72). I own an Agile Les Paul copy (that I LOVE), but I don't want an Agile telecaster copy, because I don't think anything compares to a Fender guitar... (something about the whole look/feel of the guitar). However, I have no desire to buy a Fender bass, and knowing what I know now about the SX basses, I'll probably never pay more than a couple hundred dollars for a bass. (On a side note, I really want to check out some of the new Squier Vintage Modifieds oh, and the Sterling 34s and 35s - although I realize those run a bit more than a couple hundred dollars).
It really comes down to what you find and feel comfortable with. Sometimes, you get a gem for $75. Sometimes, you find a great bass that's $1500. Although, I have a hard time believing that I'll find any $1500 bass that is 20 times better than my $75 bass.
There is hope.
I have a Fender MIM Nashville Tele Deluxe that I picked up from a pawnshop for $100!
Somebody did a bad relic job on it, so I need to refinsh it before it goes out in public! Other than that, it plays and sounds great. Keep your eyes open and a few bucks in your pocket so you can pounce on a deal when you find it.