I just tried a Squier Bullet Mustang - £109 posted for a 24" scale guitar with high output humbuckers. It's definitely a bargain, but also obvious where the money was saved: poor neck finish, some paint flaws, some cheap hardware - all fixable cheaply enough. A few reviews mention poor intonation but the one I played was fine straight out of the box.
The 12" radius neck was a surprise - I thought this demo
was hilarious, but it does feel quite shreddy! (Time link doesn't work on the embedded player - skip to 2m30s for the full effect.)
Disappointingly, the overall guitar feels like a toy compared to my 1998 CIJ Jaguar. That's a delight to play, and I don't believe this ever would be.