Agree entirely on player, experience, skill and musicality - amazing what a great player can get out of a budget bass. I've played some lovely budget basses too - great playability and tone (Danelectro, Squier, Aria, cheap Yammies). The proportion of duds is much higher in this bracket though IME - you have to be selective. To be honest though, good as some cheap basses are, for me they don't come close to most very high-end instruments (through contacts I've managed to play some jaw dropping top end basses). I'm sure good amps and effects make a difference with a cheap bass, but I'd say investing £70 in decent strings and a good set up is an excellent first step