it can play great if you set it up right. mine was setup all wrong for years and I HATED it. Since my brother toook the time to fix it, it's one of my favorite to play, and it probably has my favorite neck too. The action is good, the neck is thin, and the bridge doesn't have to be locked. If you know how to set it up right the thing doesn't fall out of tune every to you use the wammy bar.
The issue is definitely the pickups. It sounds like a tin can full of Canadian coins. You'll have to put some new pickups in it.