I personally believe that we are living in the golden age of lutherie. It is very difficult to buy a poor instrument now. Pickups generally are the weak spot, but even then they are not rubbish. I just got 2 J&D Jazz basses for work for £125 and they are fine and dandy. I could happily gig them. They are slightly heavy and the Poly on them is nice and thick, but I think that is the norm until you spend quite a bit more. I think you have to climb much higher than another £100 to get anything that is appreciably better.
Dan, on reading it this again, my post could seem as if I am disagreeing with you in a forum/troll stylee and that was not my intention.