Fran used to be the owner of a VERY nice Jagmaster back in the day.
I have owned a Jagmaster for a couple of years and it suits me pretty well, but it has very little in common with a Jaguar outside of the basic appearance. The Jaguar just has too much switching that I would have no use for, and I am not a fan of the vibrato.
Personally, in terms of a balance of cost/quality, I think the Jagmaster presents a much better value option. The quality and playability are just fine, but like Fran said, the overall quaility of the components is inherently inferior.
Also, to refer to Fran's last point, I briefly owned a CIC Affinity Strat, and while I didn't like the guitar overall - the neck profile didn't feel right and the pickups had no personality - it had the best flame I have EVER seen on any guitar.


*edit: The pics really don't do justice to how great it looked.