Although it's not on my gear list (cause I don't have a gear list, yet...) I do have a black '51 Squier... er... actually, I have two...
Hogfulloblues posted some time ago that overstock com had the black 51's for 89 dollars, plus add'l 10% off for new customers. That came to a whopping 80.99 total, so I ordered one. They messed up and sent me two! Both for the new customer price, too, quite a deal, although I only wanted 1 when I originally sent the order.
I kept the 2nd one, however, as I see the possibilities for modding, and 81 bucks for a 2nd 51 was a bargain, and, truthfully, I play the 51's stock quite often. I've ran them through a Zoom 505II and into a ValveJr. head and gotten a really nice, full-on overdrive sound. The aforementioned fret sprout is indeed a common problem on these little foreign made axes. The pickup selector switch doesn't feel too stout on either of the ones I have, either.
Not being a regular guit-modder, I felt that for $81 I won't get a better chance to practice than on one of these little guys, if I scratch it up, bang it around, or goof up some soldering job, I've got very little invested, it will be a cheap platform to learn on, and if I decide to delve further into building/modding axes, I'll have some experience under my belt.
I mean, think about it...most places you can't buy a body or a neck for 80 bucks, and the 51's offer that, plus some decent pickups, tuners, and the base for a good little guitar.
Of course, you can spend more and not worry about dressing frets, changing out pots, replacing a bridge. But as I said before, I play the 51's pretty regularly as-is, and in time I will begin deconstructing one as a learning tool.
Being the eccentric tinkerer, I will have no qualms about stripping all the finish off a neck just to see if it can be dyed to a vintage yellow, and how it feels with a tung oil finish, or stripping the body and refinishing it with danish oil, and screwing eye-bolts in it to use as super-straplocks. Maybe trying my first Bisgsby install. I'd just feel more comfortable not doing it to a $300 Tele, until I get some more practice. I've had my ValveJr. head torn apart to look inside, changed tubes, and may do some mods to it in the future. But I'll leave any work on my '65 Super Reverb to the pros.
So, that's what I see in the '51's. Sure, you could say "nothing special" about them, and that's true if you're looking for an axe that is finished out professionally, frets dressed, polished, etc, and will likely need nothing for a long time except regular maintainance. I don't see many of those for under $100, tho.
I can fully understand wanting an axe you can just pick up and play out of the box, and love doing it w/ no work needed to make it not only playable but comfortable.
And I can also understand wanting to take something apart to see how it works, wondering if you can improve it, and experimenting w/ ideas. That is what appealed to me with the 51's.
Edit...
I'll post a clip of the '51 run through a Zoom 505II into my ValveJr. head w/ a Celestion loaded Avatar sp. cab in the member's clip section, if anyone's interested. It's just me playing around, no BT.
Guitars
Wilburn Versatare, '52 FrankenTele(Fender licensed parts), Fender USA Roadhouse Strat, Fender USA Standard B-bender Telecaster, Agile AL 3000 w/ WCR pickups, Ibanez MIJ V300 Acoustic, Squier Precision Bass,
Amps
Ceriatone Overtone Special, Musicman 212 Sixty-Five, Fender Blues Jr., Peavey Classic 30, Fender Super Reverb, Traynor YCV-40 WR Anniversary w/ matching 1x12 ext. cab, Epiphone SoCal 50w head w/ matching 4x12 cab (Lady Luck speakers), Avatar 2x12 semi-open back cab w/ Celestion speakers
Pedals
Digitech Bad Monkey, Digitech Jamman, DVM's ZYS, Goodrich volume pedal