As a guitarist who hasn't played bass, it plays pretty nice... heh.
I haven't played it enough to know how I want it setup, and I didn't want to put too much work into it until I get new strings. Fender says the action should be 0.012" when you capo the 1st fret and fret the last fret. It was close to 0.1, which was ridiculous. I lowered it to about 0.025, and setup the string height according to the guide. I had some buzz on the A string at the 15th fret-- the 16th fret is too high. I don't have any fret files, so I just raised the string saddle a bit to get rid of the buzz.
It didn't look as nice when I got it. The fretboard was really grimy, the frets were all tarnished, and the body had a nasty pawn shop funk all over it. I polished the frets with 0000 steel wool, then a bit of Brasso, and then used my Dremel's buffing wheel to bring back the shine. Conditioned the fretboard with lemon oil. Cleaned and polished all the metal. Cleaned the body and neck, and waxed the body w/ carnauba.
You can barely see the damage near the jack on the bottom edge in the picture The gouge is on the bottom. I don't see it when I'm playing, so it doesn't bug me at all. My strat that I bought new has matching damage.

Mike