I think they are fairly well regarded as quality instruments for a solid price. I played one of the very early MIK versions that was outstanding - have only seen those in Korea though..
I have since tried several of the MII including both the CA and the Ray34 - I thought they were quite nice. The fit and finish was excellent.
I tend to lean towards finding used Made in America Music Man SUB basses when I think of a quality Stingray at a price point lower than the usual American made Music Man basses. They come up on here fairly often and can be found on Guitar Center used site at very good prices. However this is likely because I prefer the 2-band eq, like the feel of the painted neck and don't mind the textured finish. If you want a 'nicer' finish like the mint green, the burst etc - you would need to look at the Sterling by Musicman line
If you are thinking of buying the Ray 34 new - I would check the classifieds here and GC used as there are often American Music Man basses that are priced fairly close to a brand new Ray 34.