Ultimately it's a bolt on 4 string bass with a single pickup and 2 knobs, made in Germany by a smaller company.
As a concept it is not any different to a Precision. And a current Fender American Professional II P bass is about £1900.
As it happens I think the current price for that P bass is mad, but it seems to be the way of the world, but I also know which one I'd rather spend the money on.