The skeptic in me says "Squier" and maybe they didn't care about intonation. That neck just looks WAYY to set into the body. I'll have to go see if there are any at the local Guitar Satan.
Squiers are the Fenders offering the most value IMO. I'd bet my house (true it ain't worth much) the VMT intonates. On a 32" Fender style neck, the heel normally attaches at about the 15th fret. Nothing has looked wrong to me as I've been watching this thread, except for the entire concept
. Still doesn't.
On my 32" Stratobaster, there's about a 1 inch shorter neck pocket than what I'd consider normal because I followed the existing smaller guitar pocket to be able to use an unmodded strat P/G. Fender used a full size bass pocket on the VMT is my guess. All the frets look to have decent access compared to, say, a Reverse TBird.
The sloppy back, note original neck hole.