So,
After buying a cheap Jazz many years ago, it's still one of the best basses I own. I can't find a great deal of info on Le Marquis online, and it seems they have been defunct for a while now. I have done a few things to it: luminous markers, plastic control knobs, vinyl coated pickguard, Fender flats and a full setup, and it plays every bit as good as my high end stuff. It's reliable, comfortable, sounds absoloutly killer and gets positive reactions at gigs. It cost me £50, including a hardcase.
I'm curious to hear about your own mega cheap heroes that have totally suprised you