I just bought a Squier `51 ( made in Indonesia ) - needed a setup, but I´ve never been satisfied with guitars out of the box - or most other people´s setup-work either.
Rod-adjustment, new strings, intonation & filing the nutslots - now it´s an amazing guitar, considering it´s price - 175$ in Europe.
There´s no way I can compare it with my well worn `59 strat ( if it´s stolen I´ll never be able to replace it ), but I need a "stage-guitar" & a backup, so I also bought a mex-Esquire, very good IMO - I ordered a set of Fender´s Nocaster`51 mic´s for it as I felt that to be it´s weakest point ( I´ll only put the bridge-pickup in off course - they only sell them in pairs here ).
Cheap guitars today are extremely good compared to in the early `80s.