Yes for me, the magic's in the fingers, not in the instrument itself. A Precision is capable of many tones if you play it right. Don't get me wrong, I love many [i]many[/i] different models of basses, but if it came down to one, it'd be a nice and simple Precision, and a bit of imagination from the player.
David Bailey once said, that if you can't take a decent picture with a Kodak Instamatic, then you can't take a decent picture with a Leica either.