Fender Deluxe Model was among the best production basses ever built by Fender. IMO, of course.
A couple of key design features endure even if this design is gone; asymmetrical compound radius neck is extremely comfortable to play, the deeper body cut, slightly reduced body size, and contoured neck joint makes access to the upper register much easier and comfier and bass is very easy to play, The pre-amp allows you to dial in anything from classic Motown Pbass, Jaco JBass burpiness, and even tones very reminiscent of a MM Stingray. The humbucker is the same pickup used in the Roscoe Beck basses (another of the finest production models Fender ever produced). I believe, designed by famed pick-up builder, Bill Lawrence.
The deluxe models from this era have some nice cosmetic touches too; mother of pearl dot inlays and a metal embossed headstock logo. Just part of the "Deluxe-ness."
The mid-range control on this particular pre has a very wide Q and many Dbs of cut and boost. This can get you into trouble as cutting the mid too much reduces the overall output of the bass to an unusable level... if you know that, then just be careful, it's not really an issue.
I believe the PDeluxe with the humbucker was discontinued in 2009. I think it is one of the best P basses to come out of Fender. Extremely versatile tonal variation moving into MusicMan Territory at one extreme, plus many jazz and P tones you would expect. The build quality is from the top of the Fender food chain and compares well with anything out there. You do not see a whole lot of these for sale because people hold on to them. They are great basses. Very well made, great compound radius neck, sound fantastic live and in the studio.
If you found this model in great shape for a bargain price, grab it quickly! This opportunity in not likely to present itself again.