Neck pickup is a little further from the neck, the logo is a little off, the bridge isn't as angled, and the sunburst is a little off, and the neck is a different radius to fit the adjusto-matic bridge. It is very close, but still has some differences collectors are picky about.
Try to keep in mind, it is only a tribute, not a full on replica.
Neck pickup distance: easy oversight. The logo is still relatively close considering they didn't examine the original with a fine tooth comb. Its not as angled simply b/c it isn't a Stewmac bridge, but a Fender made TOM, if it bugs you, replace it. The finish would be more expensive for Fender to do if it had to be "perfect" everytime, as the sunburst finish is difficult to duplicate exactly every single time. Lastly, I actually prefer a radius that allowed for better action than one that is off like the real deal, so that one "oversight" I label as a positive (but I'm speaking as a person that would actually play the thing as opposed to display).
It does have a custom neckplate with a Fender logo Kurt made in an art class, which is a nice touch.. All I'm getting at is that this is a fairly well made tribute instrument designed not to break the bank too much. If they went completely full on like "collectors" would want, then it would cost WAY more.. If anything, yes, its commercialism to cash in on Kurt's legacy, but lets not forget that Kurt himself wasn't completely above selling out either. This particular instrument is a middle ground of sorts to get a relatively close instrument out there while trying to keep it somewhat affordable and within reach to most professional musicians and not just the "collectors" that shell out thousands for a piece of memorabilia just to have it languish in a case or vault. It's meant to be played is what I'm getting at.. Whether Kurt would agree with this is all up for debate, but I'm sure we can all agree that he would want everyone that gets one to actually play it and not treat it as if its some "sacred object."
"I am the bringer of death. Fall to your knees and beg for mercy... Or give me a sandwich, I'm pretty hungry."
--The Vault Dweller