Unfortunately, as with everything else, the price has since gone up, as they are now $162.99. 
It shipped reasonably quick, delivered within a week. It was double boxed in the standard rectangle box with the trapezoidal guitar box inside. The Bass guitar was packaged in a gig bag that had approximately 10mm of padding. Not a great bag, but not bad for the price of this bass. It also comes with a 10' instrument cable. It's not one of my Planet Waves American Stage cables, but it wasn't one of the cheapo skinny cables. Not great, but useable. It also came with a 2" cloth strap. Of course the obligatory Allen Wrenches for the truss rod and the saddles.
Now for the important part, the guitar!
Like I said before, they come in two colors, Black and Sunburst and as you can see, I got the black. It is a full size Precision Bass copy. It's a full 34" scale with a Maple neck and the fingerboard is listed as Perilla. The body is Basswood and it weighs in at 10lbs according to my old bathroom scale. The hardware is chrome plated, steel and Zamac (cast zinc) as you would expect from a budget guitar. Not the best stuff, but very useable and I can be picky about my hardware. The tuning machines have a little backlash, but not as much as I've felt on other budget basses. The nut is typical budget plastic, but it's cut decently and fits well.
The pickups actually sound decent. At first they were a bit weak (9KΩ), but warm sounding. After I did my setup, and adjusted the pickup height, they are closer to the strings and much more lively. A little brighter than the Fender Original Vintage, but nicely brighter. Not harsh at all. I haven't opened it up yet, but I'm pretty sure the pots are the dime sized pots, as they has that softer feeling turning. Again, not too loose but not the same as CTS pots. The tone and volume sweeps are decent, no apparent sudden gains or drops. The output jack is secure and holds well.
When I pulled it out of the gig bag, I tuned it up and it played decently. The neck was dead flat and the action was a touch high. I didn't find any high frets. After playing around with it for a couple days, I finally did a set up. I added a little neck relief, set the string action, intonated it and the adjusted the pickup height. It sounds and plays great for a sub $200 bass guitar.
Yes, I would recommend this for any beginner or guitar modder or just as a backup. I will say this is every bit as good as my daughter's Ursa 1, at with where the current pricing seems to be headed, a better deal.