Not an equal comparison, but a fair one. For guitars, cheaper wood will be heavier, and have more defects, such as discoloration, knots and bark inclusions (especially in maple). Cheaper wood will likely have more crooked grain (not great for necks).
Weight is probably the number one reason people won't play certain basses. Cosmetics is also important for most of us. Compare the grain on a MIM sunburst to that of an MIA. That's also why higher grades of bass bodies are generally made from fewer, and better matches pieces. I've seen MIM bodies made from 5 pieces of wood, plus a top and bottom veneer.
I won't even get into the tone wood debate.
And as others have said, it is a fact that MIMs use inferior hardware.
I pretty much already said this. I mentioned that heavier, not as visually pleasing pieces, multi-piece bodies, etc. are generally used for cheaper instruments. But also said that weight and/or aesthetics doesn't necessarily mean superior sound. In the 70's everyone said a heavier instrument resulted in a fatter sound with more sustain. Now all those guys who played those boat anchors back then cant sling such a heavy bass or guitar anymore and not it's all about the lightest instruments, and as a result now these have the best sustain and overall tone!
I also posted that 8.6lb '97 Squier Affinity that I clean dup for a buddy that feels and sounds amazing, and I've played 11+lb. Fenders from the 70's that sounded like poo, but people are paying high dollars for these days!
Then, as it's been mentioned over and over in other threads in addition to this one...there are plenty of boutique companies that go crazy with multi-piece bodies, all kinds of laminates and layers, etc., and they sound great and command a small fortune.
LOTS of this stuff is purely psychological.