I started playing bass around 18 years ago, having always been fascinated with the low-end of things. My first bass was a Marlin Sidewinder which had a neck like a banana and was very difficult to play, which was typical of most budget instruments of the time. After persevering for a couple of years I gave up in frustration.
Fast-forward to today and the quality of budget basses now is like night and day compared to back then. I picked up the bass again last year and with a budget of around £200 (probably not much more than what I paid for the Marlin in today's money), I set out to buy a bass.
I weighed up a VM Jazz against a BB414, both great basses but ended up walking off with the BB414 as it just had the edge in tone, playability and overall finish, though the VM certainly has the BB beat in looks alone. I've played a few basses since, namely MIM Jazzes and some others in the same price range as the Yamaha but I've yet to find one as good as the BB.
I've only a couple of gripes with it, the lack of a blend pot or individual volume pots for the pickups limits your options a little. Also if you like to anchor your thumb most will find the P pickup too high. This has in fact been a good thing for me as it has encouraged me to use floating thumb to the point that anchoring now feels unnatural to me.
You can't go wrong with a Yammy but as always, try before you buy and make sure you are comfortable with it.