As you probably know, Squier is Fender's second brand.
With a long history (http://www.squierguitars.com/news/index.php?display_article=99) the Squier name has been closely related to Fender for the last 25 years. In the beguinning, Squier just produced affordable copies of the classic American guitars and basses, and they did a great job at that. After all, if you wanted a Fender but could not afford one, Squier was the best second thing, as they were authorized copies.
However, with the arrival of Made in Mexico Fenders, Squier had to look for a new market, and we have been seeing some interesting moves in the last few years. The result is that for the first time Squier are not oly producing affordable versionf of classic Fender instruments, but have also released these two interesting new porduct lines:
Vintage Modified: recreations of classic Fender instruments that players modified upgrading the pickups, bridge, etc.
Artist Signature: Artist co-designed instruments that resemble closely what they've been using onstage for years.
The bass you see here belongs in the Artist Signature series, and it is the Mike Dirnt model. Mike is the bass player for Green Day. This bass is Squier's version of the same bass by Fender. Basically, it is a '51 Precision (small headstock, large pickguard), but with a split pick up as used in the Precision from 1954. What you get is a distinctive low-mid gnarl that is just ideal for punk-rock and will cut easlily through alls of distorted guitar.
For a few bucks you buy a lot of bass: this undeniable eye catcher comes with a perfect setup, great sound and is also lightweight. This bass will work perfectly as a beginner's instrument with enough quality to last lots of years, or as a second bass for a professional player.