I have had mine for a few months now. Initially the bass needed a good set up. With stock pups and pots it was a good sounding bass.
I replaced the pups with Ultra Jazz's, and the pots with 250k CTS (requires enlarging of the neck side of the control cavity), a Havland 0.047 cap, and lined the cavities with copper foil. I also put flatwounds for that vintage thump.
Now the sound is amazing. Thick and meaty with the tone rolled off, and cutting midrange with the bias on the bridge pup. The neck is very comfortable to play and the bass is very resonant both electrically and acoustically. There is only one dead spot (C# on the G string), otherwise I cannot find a single fault with this bass. All for a completed cost less than the price of a MIM. I still marvel at the quality of the finish, and it draws more than a second glance from audience and bandmates alike.
Set up seems to be the biggest factor for tone. I lowered the strings a bit at the nut and had to do major straightening at the neck. There seems to be a sweet spot that requires periodic truss rod adjustment, but I hear this is the nature of fretless basses.
Overall, I am more than pleased with this lowly Squire. Enough that I a seriously considering buying the P-bass version and doing the same mods. As always, YMMV