I have a first generation Vantage 5 string. Not sure what to say about it. The quality is not that great, but not terrible. Worse than a MIM Fender, worse than a Yamaha RBX... you buy the thing because it is Rickenbacker shaped.
On mine, the neck and bridge pickups were wired in so that they were out of (or in?) phase. This made the bass thin sounding. I rewired the bass so that I had a volume control for each pickup, a coil tap on one pot, a master tone control and a bass cut pot for the bridge pickup. Now I can get Rickenbacker, Jazz bass and Stingray tones from the bass, at a push. I need to sort out the frets (level, recrown, polish) before I'm totally happy with it.
The electronics were rubbish really. The pots are tiny (smallest I've ever seen), the soldering was amateurish with no regard for typical wiring dress and some connections were taped over with white masking tape. The one-ply white pickguard was roughly cut but functional. There was no screening paint or copper tape to be found in the cavities.
For all that it is good fun to play a bass that looks like a Rickenbacker on steroids. I have it strung with Ernie Ball flats at the moment and it lives at my girlfriend's parents' house.