Never owned one, but I'll concur with that. IIRC it's made in the same factory as Squier VM, but you pay for the Fender name. I used to frequent shops that sold these, and some, I was very tempted to buy, but others the fret dressing was horrible.
P90s sound great but IMO they look funny in a Mustang, and you can get Strat pickups that sound like P90s if you want that tone.
You'll want to ditch the bridge immediately. Cheapest option that actually works would be an MIJ/CIJ Mustang bridge with the outer two saddles shimmed to match the 9.5" radius.
Anyway, that's a pretty good price if it plays well.
I played one, I did not like the neck shape much. If I go dual P-90, I'll just build another Hondo Paul Dean style guitar and put P-90's in it like his prototype guitar had.
They're good. Another overlooked Fender since it was made in China. Pine body is good with a thin finish, pickups are meh but for the price new are good. The bridge is ok but if you get a shoddy one you buy a new one on Stewart Mac for $20 and you're good.