I disagree a little:
If the guitar / bass is mechanically sound (solid bridge, keys OK, holds tune, manageable / properly adjustable neck / fingerboard), I've seen dropping EMG's into Squier basses made out of really bargain-basement woods wake right up and and do just fine.
Conversely, I think I could take an Alembic and put lo-fi passive pickups in it and lose a LOT, even though the entire instrument is world class. Maybe take the P/J set from the Squier, remove the Sig circuit from my Elan, and re-wire my green gem with those pickups and passive pots . . . . shheeeesssshhhh !
For me, 'it's the pickups, stupid', and as long as I've got a mechanically sound axe around them, I've got something to work with.
I've long held this same mantra: If it's not electronically quiet, if it won't tune up / stay in tune / play in tune, and the neck / fingerboard can't be consistently held in adjustment, What's The Point?
Life is Too Short to Fight a Bass (or guitar) just to play it.
J o e y