I currently have 8 Telecasters, soon to be 10. I have a problem.
Up until about 1-2 years ago, absolutely nothing out of Ensenada inspired me at all (I can only speak from my own experience). Very solid guitars, and everything you might need in a Telecaster, but nothing I wanted. Add in pau ferro, and I avoided them unless it was a really good deal. Those that I bought usually were moved on within a month or two. As much as I tried to like them, they were always 'meh'.
I also had issues with body finishes chipping and flaking easily, as if the wood wasn't properly cured or prepped for paint correctly. More like a shell of paint surrounding the wood instead of adhering to it. What would very likely be a small, round ding on a MII, MIJ, or MIA guitar resulted in cracking and chipping of the finish over a much broader area. Happened on several guitars. I am not a guitar finish guy, so my conclusions of the causes may be completely wrong, but it was an issue (and very well still could be).
Then Fender returned rosewood fingerboards to the MIM lines, and I got very interested. I played a Jason Isbell and loved the neck carve, even if the relic finish and price just really didn't do it for me. When they released the Vintera II '60s, I was immediately intriqued, although it took several months before I could demo one. Once I did, I bought one for cheap as a flipper, but liked it so much I kept it. After some work and small alterations, I play it more than some of my MIA guitars.
In the months since I bought that Vintera II, I bought a Vintera II '60s replacement neck for one of my Partscasters. After that came two Jason Isbell necks that went on MIA guitars. I have a thing for '60s Cs, and these were reliable, affordable examples. They weren't perfect, and required a bit of nut and fret work, but they did the thing I was looking for.
My upcoming projects are based around MIM bodies- a chambered mahogany Player II in Transparent Cherry and a Classic Series '60s in Olympic White.
The Player II series has been a much-needed upgrade over the Player Is, and I have been very close over the past couple months to just buying a chambered ash version. I believe the Player IIs/Vintera IIs have reset the benchmark for MIM guitars, and likely MIA guitars as well. With Indonesia turning out solid instruments (especially in the Classic Vibe line), Ensenada had to make this move to solidify its place as the mid tier. I think they have succeeded.
The only real issue going forward is there are a crap-ton (I think that was the last official count) of Player 1 Telecasters out there, not to mention previous generations of MIM Fenders. If you're buying, that's great news, because it keeps down used and new prices. If you're selling (like Fender is), it means your biggest competitor is your own product that's already on the market. Hopefully they will respond to this challenge by slowing production and focusing on quality control instead of pure numbers, so the end product is sold on quality rather than solely on feature set. Based on previous performance, I am not holding my breath. Fender is in the business of guitar mass-production. However, since INNOVATION NEVER RESTS!, they could surprise me. The reason the Player I Tele was number 1 on the Reverb lists (and the Strat not far behind) was Fender flooded the market to clear inventory.
I mod just about all of my guitars, no matter where they come from. Hardware, electronic, pickups... I make them what I want them to be. When I get a MII Squier, I fully expect I will be doing a lot work (nut, frets...) and replacing a lot of parts. In most cases they're serviceable guitars, but they're built to spec for a specific price point. In this case, a sub-$500 MAP range, which means allowances are made. For most of the MIM guitars, they're slotted in at that $500-$1000 MAP range, which gives slightly more room for better components but are limited by cost of labor. Similar with MIJ guitars, though their weaknesses have always been on the electronics side. I do less work on MIM guitars, but they still need a bit of hand finishing and fine-tuning. On my MIA production guitars ($1400-$2200 map), generally they need the least amount of work, and modifications are more about taste than pure function.
To be honest, the difference in reliability/playability between a $450 Squier and a $1450 MIA Fender comes down to maybe $200 in parts and a couple hours of handwork time. I've done it on multiple occasions, and in the end I still grabbed a MIJ or MIA Fender and the MIC/MII guitar was eventually moved on. Until the Isbell/Vintera II/Player II, the same could be said of my MIM guitars. No matter how much I polished or modded the basic guitar, they didn't inspire me. They didn't resonate with me in ways I have trouble articulating. Maybe I'm a shallow sticker sniffer or something, but that's been pretty much the universal trend.
In all fairness, I did not bond with my American Ultra. I have yet to play a Custom Shop that did it for me, partly because at those prices I wouldn't be modding it and it would have to be "perfect" from the factory. The AVIIs $1000 upcharge over a Vintera II doesn't add up for me. I prefer the Performer over the Pro II. I have explored what's available and defined my tastes.
Everyone has their sweet spot in terms of price/features. For some it may be a $99 Amazon guitar, while others may be a Masterbuilt Custom Shop. If it inspires you and makes you want to play more, that's the standard you should be shooting for. Don't look for validation in random internet polls. The market is oversaturated with some of the best guitars ever produced across the price spectrum, so we are indeed living in the golden age- unless you dabble in vintage gear. That era was 40 years ago.