This comes up so often, I think I'll just list what I personally see as pros and cons, just my $.02:
PROS:
1. Incredible, unique tone and sustain, particularly with roundwounds and biased towards the treble end of the spectrum. The thumpy Macca sound can be had with flatwounds, but that can be had on almost any bass.
2. Bi-amp/Stereo capability with Ric-O'Sound jacks. This sounds absolutely killer, and the weight penalties can be alleviated with modern Class D micro-amps and cabinets. Highly recommended.
3. Vintage/Modern push-pull tone selector on 4003 models allows more range of tone options.
4. High quality Schaller tuners.
5. When done correctly (most of the time), gorgeous, immaculate paint job and overall fit and finish.
6. Iconic retro-tastic good looks.
7. Thin (side to side) minimal taper neck. This either works for you or it doesn't based on neck preference. It's similar to a P-Bass width at the nut, but very little taper towards the bridge.
CONS:
1. Truly dreadful and utterly indifferent customer service from Rickenbacker. This can be avoided somewhat by buying from a reputable third party dealer like Wildwood or Pick of the Rics, who pre-inspect basses before shipment.
2. Ergonomic weirdness. The body shape and hard bound body edges are uncomfortable for some. It either bugs you or it doesn't, based on your body shape, how you hold the bass, etc. The new 4003s models have no binding and rounded body contours that's more comfortable for many people.
3. Borky, difficult to adjust bridge prone to bending under string tension. Hipshot makes an excellent replacement bridge that many think looks as good or better, many leave it as-is and live with the drawbacks as a minor annoyance.
4. Spotty Quality Control. The vast majority of instruments are well finished, but during the frantic past few years of backlogged production, QC definitely slipped on paint, sloppy pickup installation, etc. This appears to have been largely resolved now that 4003 models are not backlogged, but definitely try before buy. If you do have finish problems, expect zero help from Rickenbacker Inc. GC's return policy makes it a pretty safe place to buy one.
5. Noisy Electronics. Ric provides no shielding whatsoever, and the single coil pups are prone to hum under certain conditions. This can be improved, but not eliminated by grounded shielding or a noise gate.
CONCLUSIONS:
In my mind, the Tone Trumps All. Nothing sounds like a Ric in it's grinding full-throated glory, but if ever there was a bass you absolutely must test-play before buying, this is it.
