I picked one up a few years ago just to have a beater around the house and ended up liking the tone so much I used it on quite a few gigs.They do need a setup and a new set of strings like dhagler says but otherwise they are pretty good.Be warned that the pickup poles won't line up with the strings just right but it doesn't affect the sound at all.I've had three of them and have a SJB75C Natural ash 5 string like dabblers only black block inlays and black pickguard coming tomorrow.They pretty much sound like a decent Fender but with a narrower neck.
No you didn't waste your money.
Cool!! That's one thing I was wondering, whether I'd have to change out the pickups to get a decent sound. I love the fact these are solid alder and ash basses -- great tone woods, same as real Fenders!