OK Maybe I'm nuts, but after a week or two or searching and researching I'm still stumped.

I see the various pickup packages, fretboards and finishes, but on a basic level, what am I missing out on by buying a Squier instead of shelling out for a Fender? I mean, a Squier Bullet is still a strat, right? Same playability? Same (or close to the same) sound?

Probably opening a can of worms, or else rehashing a tired old argument, but I'm new at the whole Fender/Squier thing. So what's the big difference? Maybe the frets are a different height or something? Body is made from a lesser quality wood?

Anyone have a usedful link to some kind of side-by-side comparison?

Thanks