Quick blurrish snap of the new SUB Series 5 parked next to my 2006 StingRay. The differences are readily apparent in fit, finish, sound, hardware and heft. Knobs, pre-amp, tuners, nut, bridge and pickguard are all money savers - by no means poor, mind you. Presumably the wood as well; it's definitely lighter but also smaller-ish. Haven't measured exactly but it def. sits lower (front-to-back) as side by side as they are shown in the photo.
2 Band EQ works just fine so far. I'll try it out in an actual rehearsal. I did try it out with the same amp I usually use, and was super pleased. Nice hot output and I like the center detente on the tone controls. I really like the detente - in a performance situation I'm nearly always looking for a spot off noon, not "dialling in" until I'm happy - I just need the damn thing set for the particular song.
That said, I'm happy. Very happy. So far, anyway

... the value is astonishing. The SUB replaces a Squier Deluxe Active Jazz V for me (like that bass a lot, but ultimately just too wide on string spacing for my taste).
The value, compared/ contrasted with the Squier (its actual competition - not the Ray) is a bit better. The Squier was (to me) astonishingly well done. The Ray's electronics are better IMO. The Jazz is overly complicated (Bass & Treble stacked, mid knob, "Slap" [mid-scoop] switch) and doesn't sound as good to me. Neither does it play as well.
It's not a MM SR. And that's fine by me.
I will take some time over the next couple days to compare and contrast the SUB with the Squier Deluxe Active Jazz V and the SUB, and also my SRs. (Should prolly thru the SB14 in there too?) and maybe shed some more light than is readily apparent in the standard literature.