Jag-Stang, and I'll tie the Jaguar with the Jazzmaster, and the Mustang comes up a very close third.
The oddball part is the Jaguar is the one I like off the rack, whereas I like my Jag-Stang tweaked with a screw-on bar and hot-rodded electronics. My #1 in my collection is the Jag-Stang, but for all-time model it's the Jaguar and Jazzmaster because I don't have to change anything on them to be happy with them. The Mustang comes up a close 3rd since it covers ground of the other three.
On one hand, my Jag-Stang was bestowed upon me by the rock gods or something because there's no way in heck any usual Nirvana fan would stick a pair of Zakk Wylde/Reb Beach style pickups in an "Alt-Rock Guitar" and be comfortable. The other crazy part is the guitar only gained something and lost nothing from it.
The Jaguar and Jazzmaster are my #1 choices off-the roack because they take alternate tunings well without having to let the strings change their geometry again when you retune to another tuning. The reason they tie is they are so close in many ways.
the Stang is sort of like a "strat replacement" like a laptop is a "desktop replacement", they're smaller, lighter, offer some really different sounds for a change, and have the whammy bar system I love for the lunacy I like to do so much.
