Well, there are probably a zillion and a half Fender P-basses out there, and I certainly haven't played them all, but my Lakland Duck Dunn feels better and sounds better (to me) than any Fender I have played. The thing is, that only matters to me. There are people out there who feel the same way about their Mike Lull P, or their Sadowsky P, or, of course, their beloved Fender Precision. Fender has produced so many basses through the years that the quality, feel and sound can vary quite a bit. Laklands have come with differing pickups through the years, too, so I think generalizations about tone would be silly.
So, what I'm saying is that overall generalizations about the sound/tone of Lakland vs. Fender would be tough to make since each company has produced the same model with different pickups through the years.
Oh, yeah, there's also the fact that you can only decide what tone sounds best to you, since everyone else has their own taste. I guess that's worth remembering.