Hi,
I have owned a MM before and I own a 5 string AD so I could be in a position to offer credible advice. I am impressed by the American Deluxe and I would prefer it over the MM. To answer your questions, yes, its worth the money, I have had mine for 2 years and it hasnt failed on me not once, my experiences have been positive and every gig I have gone to, other bass players have ended up asking to have a go on it.
As for the EQ, I did consider changing it for a John East pre-amp but I am happy with the tone it gives me and yes it does easiy stand out be it in passive or active, I usually interchange the 2.
Finally, its as smooth as it can get as far as a Jazz bass is concerned. What I can say is look for one and have a go before you make up your mind. My taste or anyone else's on here may not be similar to yours but if you love Fender then this is the bass for you.
All the best...