I need to add something to the above - I do not own a P at all, but do own a USA Jazz 4 string and my Stingray 5 string.
I take both to all gigs and practices, but the Stingray get the nod for a number of reasons:
1..it is a five string, whihc I need to some tunes, and can't be arsed changing basses
2..it plays like a dream, a bit better than the Jazz (although that is no slouch either)
3..being the SR5, it has a 3 position selector. In the centre position it does a reasonable J sound - not the same, but does the job. The Bridge position is classic Stingray 4, whihc is great, and the Neck position is a powerful rock sound. And the 3-band EQ gives a pretty wide variety of tones - enough for me, anyway.
4..the Ray has a tighter bottom end, whihc in the reality of most gigs, I find useful, since boominess can be tamed in the way that is not possible with the Jazz, I feel
The only thing the Ray lacks is the classic passive tones of a P or J, and at home I usually love the sound of the J bass, but in a band my Ray is the one for me, at least.
What do others reckon?
C