Before I give you my five cents on this bass, I should mention that I'm not (yet) a bass player. I'm a guitarist expanding my musicianship. Keep that in mind and take my review for what it's worth.
Having said that - I think this is a great instrument. I can't believe how cheap it is. It has a warm round sound and with the phat bass on it brings out those deep frequencies I want. It also handles very well because of the small body and lightweight and as with all Ibanez instruments, it's neck is thin and very playable. (Experience with Ibanez guitars is mainly why I chose this bass and I don't regret it.)
Some have said there's too much string buzz, but I haven't experienced that. It may differ from bass to bass I guess, and maybe also be affected by how you play. But if you experience string buzz, it should be fairly easy to get rid of by adjusting the string height (tools included).
The only downside on this bass is the build quality. The battery lid on the backside is pretty sloppily cut and there are a couple of bolts that look a bit... well, not exactly assembled perfectly. But I think some spots like this are to be expected at this price, and since it by no means affect the sound, playability and sheer beauty of the instrument, I don't care. If you're gonna cheat when building an instrument, do it on the backside.