Yep, no mods required, but it will of course get even getter with a good detailed setup. I have to say though, that my Dimension Bass V would have been perfectly gigable right out of the box. I could have easily tuned it up and played a gig with it. My precision Bass V was a the same, although it does have a low fret. My VM Jazz Bass '77 was no where near this nice out of the box, and actually is still a bit lacking.
I have been fortunate. My Squier P5 is perfect, especially once I put on some Sadowsky rounds that deliver a perfect Old School Funk tone.
