I saw an add in the local for a Squier PBass and took a better look at the pictures (which I hope that I have posted here!). It looks like someone took a late 90's Korean Squier and monkeyed around with the electronics - the knobs definitely look different and there is a flap-switch kinda thing in between what I assume are still the volume and tone knobs. I am thinking of getting it out of curiosity, if I can get the price down. I haven't played it either - its a little out of my usual area.
The owner hasn't responded back to my questions so I thought I would turn to TB - who have never let me down.