I already have a Fender Ultra Jazz V so why would I buy a Player Plus V? I just wanted it so I bought it. It came in to day from GC and I'm pleasantly surprised. The Ultra was $1,000 more and these 2 basses are only marginally different.
The fit and finish is equal
The Ultra has nicer tuners but the player's are fully functional.
The fret work on the player is equal to the ultra
The ultra has the contoured neck joint and the player has the older block joint. I don't play anything up the anyway.
The tone of the Ultra might be a bit more refined but that may just be the strings
One big advantage the Ultra has is a tone control for passive mode. The Player lacks this as there is no tone control for passive mode on the Player.
All in all though, the Player is a solid bass and only lacks a handful of refinements given to the Ultra.

The fit and finish is equal
The Ultra has nicer tuners but the player's are fully functional.
The fret work on the player is equal to the ultra
The ultra has the contoured neck joint and the player has the older block joint. I don't play anything up the anyway.
The tone of the Ultra might be a bit more refined but that may just be the strings
One big advantage the Ultra has is a tone control for passive mode. The Player lacks this as there is no tone control for passive mode on the Player.
All in all though, the Player is a solid bass and only lacks a handful of refinements given to the Ultra.

