Was in retail when these first came out and stocked them. Originally, they were using the previous Fender hardware - i.e. when they updated the standards the Highway One inherited the old pick-ups etc. Now, by the look of things the pick-up is the same but you get a BadAss on the cheaper bass. Also, the BIG difference is the satin finish on the Highway One - was a big issue among a lot of players who wanted their gloss. (oh, and a gig bag, not a hardcase, so add another £80 for a Hiscox).
[url="http://www.fender.co.uk/products/view_specs.php?full_partno=0190460&name=American+Standard+Precision+Bass%26reg%3B"]http://www.fender.co.uk/products/view_spec...n+Bass%26reg%3B[/url]
[url="http://www.fender.co.uk/products/view_specs.php?full_partno=0111360&name=Highway+One%26trade%3B+Precision+Bass%26reg%3B"]http://www.fender.co.uk/products/view_spec...n+Bass%26reg%3B[/url]
Get out and try some - as with all Fenders (all basses?) some have "it" and some don't.