I love P/s!!!!! Based on my experience wit my Squier P/J you shouldn't be disappointed. Even though I own several pricier instruments my Squier easily falls into the top 3 "favorite basses to play!"
I am in the process of modding, but I am making minor changes in the electronics dept. I really feel that the electronics on the Squiers can cut the mustard, I just have to replace a worn out pot, so I am replacing all of them. The other performance related mods are Hipshot tuners and bridge, and hopefully a brass nut (somebody please point me in the direction of a pre-slotted brass nut for a J-bass to save me the trouble of doing my own!). The Squiers really do fine w/o mods. Fender may have made a mistake with me by making the Squiers so nice. No way can I justify purchasing a MIM, CIJ, or US Fender for myself!