there is great stuff coming out of china (and indonesia) at least in the bass world - I have some still bass playin mates, and they hang out on the bass forums ect. and knows of of US pro studio players abandoning their $2000 -3000+ and vintage fender presicions/jazz? after buying a handmade 200 - 300 chinese copy (cant remember the name ) and ditching the pick ups of course (but you do that with the fenders anyway) made by artisans who have worked with wood for 1000's of years, just not basses, until now. watch out for them
If i wanted a les paul (or any collecters market artificially inflated git) i would get a copy made by a quality luthier (like brian west) for a quarter of the price it costs to buy one of those - he built an exact copy of a 1954 les paul (black beauty) for a mate (amongst many others), sourced the woods from the exact same source/batches in the US as the originals were made from - it was identical in everyway (except in resale value - the brand logo isnt on there of course) awesome value. sometimes i hate the investers market, those people that have hundreds of these invester 'famous name models' and they are never ever played - outrageous!
pick-ups are most of your sound in electric anyway (95%) - so replacing them in a cheap model, and as alex says a bit of tweaking/setting up, and hey presto you got something
and btw weres the wammy bar

aint a electric git without a classy floating tremelo IMO