On the counterpoint, my first bass was a "Wild Thing" Touring Bass Flea Bass and I played it until I got my Modulus. I still love it, it has a decent action (after a quick setup of course) and there were really no QC issues as far as I can tell. Maybe some bad paintwork but it really doesn't bother me in the slightest.
The stock pup may have been made out to you to be worse than it is. It sounds a lot like an OLP or sub stingray. Obviously the quality is nothing like a stingray (hence why the flea is a tenth of the price) but it really was a great purchase for me. I do not see myself ever selling it, partlyor sentimental reasons, but partly because I would happily use it as a backup for my main bass.
If you do get one, take off the fugly pickguard and clear off the resin- I promise the bass will look a lot better to you.
It is a cracking bass if you can get one second hand. I payed £100 for mine, it was really worth it.