Looks nice & has good reviews, too. The Cedar body is an interesting thing. I have a Squier that I just love since I upgraded the pups and some other stuff. I don't think you'll go wrong with this!

I looked up the specs. Sounds like they have really upgraded Squier products.

Squier Vintage Modified SSS Stratocaster Specifications

* Body: Indian Red Cedar (Cedro)
* Neck: Maple, C-Shape, (Polyurethane Finish)
* Fingerboard: Rosewood, 9.5 inch Radius (241 mm)
* Frets: 21 Medium Jumbo
* Pickups: 3 Duncan Designed SC-101 Single-Coil Pickups
* Controls:
o Master Volume,
o Tone 1. (Neck Pickup),
o Tone 2. (Middle Pickup)
* Pickup Switching: 5-Position Blade:
o Position 1. Bridge Pickup
o Position 2. Bridge and Middle Pickup
o Position 3. Middle Pickup
o Position 4. Middle and Neck Pickup
o Position 5. Neck Pickup
* Bridge: Vintage Style Synchronous Tremolo
* Machine Heads: Standard Die-Cast Tuners
* Hardware: Chrome
* Pickguard: 3-Ply Black
* Scale: 25.5 inch (648 mm)
* Width at Nut: 1.650 inches (42 mm)
* Unique Features
o Vintage Style Tremolo,
o Custom Pickguards by Color,
o Gold and Black Squier Logo,
o Engraved Neckplate,
o White Plastic Parts,
o Dot Position Inlays
* Strings: Fender Super 250L, (.009 to .042) Nickel Plated Steel p/n 073-0250-003
* Introduced: 1/2007

The SC-101single coils...
http://www.seymourduncan.com/products/duncan-designed/progressive-2/sc101/