I was looking at them a while back. They are pretty cool. Unfortunately, when i played all 3 they had at GC, the only one that played worth a damn was the black one, which I didn't like. The fender forum has area51 which is for this guitar and here is another forum with some info about hot ridding them:
http://www.instituteofnoise.com/squier51/forum/
I ended up buying a squier mini and a $75 MIC strat bullet. the strat bullet is the same dimensions as a regular strat (not thin body). i filled and drilled to put a fender bridge on it and new tuners. I also bought a 2 humbucker pre-wired pickguard from guitar fetish, since the squier had the bathtub routing.
After setting it up, I like it better than my jambolin or 62 RI that I've had for 15 years. It has a huge neck and has really good sustain for some reason. The body is really heavy.
I just find it so liberating to hack on a strat knock-off. I had my fender strat for years before I tried to do anything to it, and even then, i was very careful to be able to return it to its original state. Now the thing is so beat up, it gets relic points.