Those chineeeze made guitars have come a VERY long way. They are punched out by precision machines. In the department of accuracy, they are every bit as finely made as many stateside guitars. They use cheaper electronics, (including pickups), cheaper wood, and sometimes cheaper machined parts like tuning assemblies, bridges and other parts all over the guitar. That fretboard however is laser aligned just like a Gibson custom shop Les Paul.

So with cheaper materials all over the guitar, what will be affected? Playability? No. Longevity? Yes. Tone...?? Yes, but tone can be altered all the way up the path to the speaker, AND I have an expensive Gibby; I alter it on the way to the amp. For a hundred bucks, you can buy an effects box that'll make it sound like anything from a Martin acoustic to a $45,000 Clapton signature model.

So fall in love with your Squier. It'll do the job for you...for a long time. Just keep good, fresh strings on her and play away!