Mine had a very nice neck, which needed minimal adjustment. Overall, this thing has the Fender Jazz sound. Pretty even volume across the strings. Also, it's very nice looking, and I get lots of comments about it.
The stock nut came through looking like someone pressed down hard on the A string, mushing the slot down slightly. Haven't fixed it yet, but I do have more fret buzz potential on the A string in the head end of the neck. Not bad, just not perfect.
The stock strings were removed and replaced with D'A Chromes (flats). The stock strings were pretty mediocre, as anticipated.
There is limited range of tone adjustment, similar to my MIM 5 string Jazz. Volume is touchy but able to be controlled.
Stock J-bass bridge- nuff said.
I love the bass. It's a player out of the box, and with about an hour into adjustment and intonation, it's great. For what I want, it's exactly right. I'm VERY happy with it (if you can't tell). I will be replacing the nut and resetting things to be perfect, but it's good enough that I'm not in a hurry (until I get a backup...). I will be replacing the bridge at some point, and either adding a pre-amp or doing pickups in the future.
My only hesitations in recommending this to anyone are these:
I've seen a few reviews that make it sound like some basses are not as good out of the box, but I think that's common in the sub-one-grand range...
It has (in my mind) limited tonal variability. If you want Fender Jazz sound, this is it, but I don't think you're going to get much beyond that for sound options (unlike my Squire VM 5-string).