I fail to see the point of a four way switch... why not get a 5-way and only use positions 2 and 4?
And I, for one, was disappointed with Fender MIM's - nothing huge that I could put my finger on, but things like unsmooth pots, (seemingly) poor quality switches, bad pickups and dodgy, warped scratchplates piss me off somewhat.
But yes, good necks and alder bodies almost make up for this.
I'm more of a superstrat guy, but as mentioned before, there are MANY things that single coils can do that Humbuckers can't.