It was the least expensive bass they had and it looked really good. I've played some more expensive Fender bases and i still prefer the neck on my Peavey. It's basicly a jazz neck and i love it. The finish is great on this guitar. It was almost perfect when i bought it and it has held up VERY well.
Durability is also great.
The old plastic one was way too soft. The pickup doest have much punch or tone variety to it. The tone pot did help some, but you should remember that this is a beginner bass. I have treated this bass so badly and it still holds up. The finish has help up really well.