As a previous owner of two(!) TF's, I can say IME the build quality is a cut above your standard Fenders... probably closer to CS.
The circuit works really well, in that the balance between the P & J is spot-on... albeit switchable rather than blendable.
That said, it took me two to realise I don't really like the J Fretless thing, so I sold 'em both and stuck with P-only fretlesses.