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What differences between Fender & Squier are there?

I know that the Squier brand is the lower/entry level bass, but what seperates (lets say) a Squier Standard Jazz Bass from a Fender Jazz Bass (other than where it is made/assembled)?

It appears like woods and hardware are the same...i assume the differences are in the fit/finish (frets/paint/setup/pickup quality)

Does anyone think they are a solid instrument for the money? I have an SX and think its pretty good...would a squier be much better (or closer to a "Fender-feel")
 
I'm not sure if a Squier would be that much of an upgrade compared to an SX, most people seem to put them in the same ballpark. Mind you, I haven't got a chance to play an SX yet.

For the record, I have a Squier Standard Series P Special and like it a lot and think it delivers a great, Fender-y sound.

Sure, its pots seem a bit flimsy, the jack feels a bit loose, the neck finish doesn't feel as nice as the finish on my more expensive basses' necks and the woods aren't that nice to look at, but in my opinion, the bass really does a great job when it comes to tone and playability. The bridge and the tuners also seem more solid than I expected, I've had zero problems with them so far.
I really wish my first bass (a dreadful Epiphone) had been that nice.

Oh, I forgot another downside and another upside:
Downside: the P pickup also has pretty sharp edges that get on my nerves a bit when I rest my thumb on it, but that's manageable.
Upside: unlike in many basses in its price range, the electronics have been shielded. It looks like a quick-and-dirty job but it seems effective: the bass is dead quiet unless the J pickup is soloed.

If all Squier Standard basses are as good as the one I got, you really can't go wrong with them if you want a solid, inexpensive bass.