I used to have two, still have one.... all the comments about build quality are spot on. These things are tanks, and weigh as much as one. My shoulders bulked up significantly for the year or so when these were my main players.
Oddly enough, the one that was aesthetically much more appealing (a black/maple 1979 toaster model) didn't sound nearly as good or play half as comfortably as the traditional, slightly uglier 1980 natural ash/maple model that I still own. The '79 was in almost perfect condition, but the tone was oddly thin, and I had a hard time getting the action where I wanted without buzzing. Probably just needed some fretwork, but I wasn't about to drop the cash on a $270 bass, so I flipped it for a slight profit.
Now this natural ash model, she's a beast... scarred, beaten... this thing is a survivor, but it plays great, sounds great, and will crush the spines of feeble bassists should they try to play her too gently. I don't play it all that often since I attained my dream of owning a Rickenbacker, and I pick up my precision when I just want something easy to play, but I'll never let go of this T-40.