Fender has dropped the Duncan-designed association for the latest Vintage Modified basses, including the Precision V. I've searched, but there doesn't seem to be any info out there about the magnet type on the new Fender-designed pickups.
Without knowing whether it's alnico III or V or how the coils are wound, this would be useless information anyway.
I can confirm that the internal construction looks very similar to the Fender Am Std pickup, no bar magnets here. It's more or less vintage-voiced, but slightly hotter. Overall, it's very much a standard P Bass tone, and most owners are pleasantly surprised by the OEM pickup.
Most have found that a setup, including correcting the pickup height adjustment, helps the sound a lot. The majority are gigging their P5's without a pickup swap.
People have reported it as having a variety of qualities- some have called it honky or midrangey, others said it was too bright, and I found it a little dark and congested. Of course this is all relative to personal taste, what kind of amplifier it's run through, what kind of strings you like to use, etc.
A few of us have made the upgrade from stock to the 2008 and up Fender AM Std Pbass V pickup, and we all seem to report the same things:
- No difference in susceptibility to noise (this bass is quite well shielded, which probably helps).
- A little more "something" in the top end.
- The difference is surprisingly subtle.
IRRC, at least one person switched back to the Squier pickup, either feeling that the difference wasn't great enough to bother with, or actually preferring the Squier pickup.
The rest of us stuck with the Fender pickup, if only for bragging rights.