Had one until last week when I went into upgrade mode. Agree with AngelCrusher's comments that it did play and sound above its price point.
Also agree with FourStringGirl's comments about the hot pickups, but didn't find it to be a problem with my equipment.
I did have an electronic problem with mine though - the preamp died suddenly. I searched through other TB threads and found a couple of others that experienced the same problem. That's not to say there's a problem with the bass - just relating my experience, and considering the number of these basses out there, I'm sure the failure rate is extremely low. Again, just relating my experience.
Called up Peavey though, and for $46 USD I had a complete preamp, pots, and output jack all wired together. I just had to remove the old electronics and put in the new. Not hard.
Weight and balance of these is good. You won't get a sore shoulder from it. Mine was 8.6 lbs.