It's charmingly repulsive in a way that's perfect for punk, which is why this Fat Mike fellow likes it I'm guessing.
Some of those 78' Precision are great players. Here's another chap extolling the virtues of the 78' vintage Fender P. In fact he says it's a better bass than his 68' P.
The P is shown after 3:30. Looks like a nice natural Alder. Perhaps it was an Antigua in a former life that didn't survive the unruly mobs of pitchfork wielding and paint stripping Antigua haters like Rob and Ilan