MIM Fenders do not suck. They are a great instrument in tone and playability.
The American-made Fenders are better in subtle ways that taken as a whole add up to a great instrument. Their price includes the case (the MIM doesn't), slightly better pickups- not as much difference as in past years because the MIM pickups have improved, reinforced neck, better bridge.
They are both good, they just serve different budgets. Buy the American if you have the money because over time a few hundred dollars won't mean anything. If you buy the MIM feel good because you got a nice bass at a good price.
The Geddy Lee Jazz Bass is a tremendous bass, at a very reasonable price. Great neck, Bad-Ass II bridge, excellent growl and tone. It's made in Japan, and the two I have played were among the best Fender's I ever layed my hands on.