Buying an Epiphone to save some bucks, over buying a Gibson is still better than buying a Squier to save some bucks, over buying a Fender. My Fender So Cal Speed Shop Strat sounds SO MUCH BETTER than
my Squier Bullet Special, it ain't even funny. I'd bought the Squier 'cause I couldn't afford a Fender Tom DeLonge Strat before they went out of production, and before Fender started their limited run of So Cal Speed Shop Strats.
It is possible that an Epiphone can out do an equivelant Gibson, while a Squier would need more upgrades than the guitar's worth to begin matching its Fender equivelant. Perhaps I got lucky with my Epiphone Les Paul Jr. 90, that it can whup on
a Gibson Les Paul Melody Maker...I'd honestly have to try a Gibson Les Paul Jr., to know how close I can get my Epi to the equivelant Gibson, once I have the Gibson upgrades in place. It's possible that the Melody Maker I tried was a product of a bad production day.
In the near future (two or three months), I'll be adding a P90 equipped Gibson Les Paul Faded Double Cutaway to my collection, for playing rockabilly and surfabilly, as well as being my live guitar for surf instrumentals that I record with my Epi. I was originally planning to buy
an Epiphone Les Paul Studio, and replacing the humbuckers with Gibson P94s (humbucker sized P90s), until I tried the above mentioned Gibson.
Still, be sure to test drive Epiphone and Gibson Les Pauls, especially back-to-back comparisons, before ultimately deciding. You might find an Epi that both fits your budget, and sounds every bit as good as the Gibson equivelant, or you might decide to hold out, save a bit more, and go for the Gibson. Also try more than one of each...guitars are like people...no two are excactly alike. Three Gibson Les Paul Customs sitting side-by-side are gonna produce three different results.
Matt