I have a bass (my Fecker Imprecision Bass) which is made from a Squier Affinity P bass body and neck I had lying around. I put some Fender Mex tuners I had lying around on it (had to ream out the holes), a Badass II bridge and a Seymour Duncan Quarter Pounder pickup and redid the electronics with CTS pots and an orange drop capacitor. Probably spent no more than £200 on it. Time, as an amateur hobbyist, is not factored in.
I can't comment on how it was when it was a complete Squier but what I have now is a very playable bass. I let my guitarist mate (who used to play bass and still has a rather lovely Tokai Hard Puncher in his collection which I covet occasionally) have a go and he was impressed with how well it played.
All it needs now is a body refinish - some of the original silver was lifted clean off by the previous owner removing a sticker and there's numerous dings and bumps in it. I'm thinking about going for something hideous like Surf Green - so bad it's good.
I guess what I'm trying to say is that there's nothing wrong with the basic construction of a Squier, just the hardware could do with upgrading.
Remember that any maker, any country, any time can make a "Friday afternoon special". If it feels good, then it is good.