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SBMM SUBs..yes, it's about to become even more confusing

My guess is that these are made in the same plant / complex in Indonesia as the Squiers VM series. Will probably have similar satin necks, color options (long term) and pot/pickup quality.

Thats not a bad thing, necessarily. I once explained my Squier VM and the whole "liscensed by Fender" thing to my father, who has dealt with wood suppliers before, and he said Indonesia has a reputation in the wood industry for relative quality overseas.
 
Regardless of the overall quality it is a smart move. There are now basses in every price range. Being on par with the VM squiers is nothing to be ashamed of.

I am tempted by the walnut. If they look good up close and play half decent i will get one. Even if the bridge/tuners/pup needs changing you still might have a good bass for little money.