Unable to resist, and with a plethora of discount coupons + Fender's $25 off sale + free shipping, I bought one of the new sunburst Squier Mustangs off an online retailer. I already have a CIJ Mustang RI, and have previously gigged a 70s American Mustang, so, yeah, I like Fender's runt of the litter. 
Here's my thoughts on the Squier, FWIW.
The negatives first:
1. Fretwork : Even frets overall, but with sharp fret edges. This is hit & miss w/Squier - try before you buy.
2. Some construction bits: Bridge screws were mounted at a funny angle (i.e. not 90degress to the body), and the pickguard is slightly warped/not flat.
The So-so bits:
3. Pots : Mine came with a scratchy volume pot that appears to be the same that was in the Squier VM precision TB. A squirt of cleaner took care of whatever was lodged in there, but I'll replace those at some point.
4. Tuners : Adequate, but could be better. (i.e SX have better tuners on their low-end basses.)
5. Strings : Light gauge rounds. A personal thing, of course. After being dumped for Chromes, the bass really started to come alive.
The Good:
6. The sound: Although the body & neck are of different woods than the CIJ reissue, the sound compares favorably. It is a bit brighter than the CIJ, but nothing to get worked up about.
7. Finish & general construction: The finish on the neck & body are both very good. No paint flaws/blemishes, etc. Seems quite well made from a wood point of view. Unlike the CIJ, the neck is satin as opposed to gloss. (Very similar to many other Squiers like the Jaguar & VM TB.) The radius is slighty flatter too. (7.5 vs 9.5, I think)
Summary: decent value for the money, but not in the CIJ league. If you're willing to put a little work into it tidying things up, it definitely looks & sounds the part.
GT
Here's my thoughts on the Squier, FWIW.The negatives first:
1. Fretwork : Even frets overall, but with sharp fret edges. This is hit & miss w/Squier - try before you buy.
2. Some construction bits: Bridge screws were mounted at a funny angle (i.e. not 90degress to the body), and the pickguard is slightly warped/not flat.
The So-so bits:
3. Pots : Mine came with a scratchy volume pot that appears to be the same that was in the Squier VM precision TB. A squirt of cleaner took care of whatever was lodged in there, but I'll replace those at some point.
4. Tuners : Adequate, but could be better. (i.e SX have better tuners on their low-end basses.)
5. Strings : Light gauge rounds. A personal thing, of course. After being dumped for Chromes, the bass really started to come alive.
The Good:
6. The sound: Although the body & neck are of different woods than the CIJ reissue, the sound compares favorably. It is a bit brighter than the CIJ, but nothing to get worked up about.
7. Finish & general construction: The finish on the neck & body are both very good. No paint flaws/blemishes, etc. Seems quite well made from a wood point of view. Unlike the CIJ, the neck is satin as opposed to gloss. (Very similar to many other Squiers like the Jaguar & VM TB.) The radius is slighty flatter too. (7.5 vs 9.5, I think)
Summary: decent value for the money, but not in the CIJ league. If you're willing to put a little work into it tidying things up, it definitely looks & sounds the part.
GT
