At that price, I think it annihilates the competition. It's a bass I would even have bought at $1200, though I probably wouldn't have been able to afford it so quickly had it been that price. It really hits all the spots for me.
I love the stock EMG HZ pickups, I love the bridge, I love the neck, I love the body, all that. I love the tight spacing. It's great for a pick player like myself, but it's also not absurdly tight that I can't pluck on it, and it's not that much tighter than on a Music Man. Speaking of Music Man, the only other two basses at a sub-$2000 range that I'd even consider as true competition for the Damien Elite 5, if you want that aggressive rock sound traditionally associated with Music Man, are the Stingray HH and Lakland Skyline 55-02, and really, those basses are at a completely different price range altogether, and there are good reasons to pick the Schecter over either of them. For one thing, Stingray is 34" and I prefer 35", and Lakland has 19mm spacing and I prefer tight spacing. Don't give me Ibanez ATK, the Schecter feels like a much more luxurious instrument.
It's not the lightest bass in the world (9.5 lb or so), but the weight is so well distributed that I barely feel it, and I'm a 125 pound skinny dude. The only thing I haven't liked about a lot of Schecters is that the weight balance isn't quite perfect on the Stilettos and Raidens (IMO), so even though they're lighter, they seem a little neck divey and prone to tire me out. On the Damien body (same as Omen, C-5, Hellraiser), though, the weight distribution is just perfect. Also, the tool-free battery box is a nice touch.
The only thing you might change on the bass are the electronics. I thought that the HZ pickups were a bit muddy out of the box, but it took 5 minutes (and no extra parts) to wire them in parallel, and now they sound perfect. If you do need different MM pickups, there are so many choices out there, from Nordstrand and Delano to Kent Armstrong and Seymour Duncan to cheaper replacements like, you know, Wilkinson, and the EMG HZ pickups will have decent resale value that would help pay for some of that.