Wow, old thread and I never chimed in.
I bought a Lull P5 shortly after that model was released (2002 or 2003?). I then got a Sadowsky NYC P5 shortly after that model was released (2004).
As noted, both are excellent choices. Fit and finish were similar enough, give a slight edge to Sadowsky.
I sold the Lull before acquiring the Sadowsky. The main reason was that it was a 35" scale bass. I have no trouble playing 35", but it imparts a different timbre and I wanted the traditional 34" tone. That's true even on the B string: the Sadowsky has an absolutely killer B. Also, I believe the Lull had 18mm spacing at the bridge and I wanted 19mm. The Lull wasn't as uncomfortable as the 17mm Modulus I once owned, but my plucking hand is fussier than I realized... the 1mm (x4) makes a difference.
There were many differences in addition to scale length: the Lull was ash/rosewood, passive PJ with Fralins, while my Sadowsky (in avatar) is alder/maple, just the P pickup, with Sadowsky onboard preamp of course. As I recall the Lull had a slimmer neck, but I prefer the slightly chunkier Sadowsky neck.
As many have said, it's a win-win. The Sadowsky works better for me, but I can see why some would choose Lull.
Can't help but add: it's also wise to check into the Nordstrand Nordy basses (Fender-style). I just got one and am extremely happy with it.
