I have thoughts of replacing the pickguard and possibly the pickups. Gotta hear'em first, but I've read that the neck position is routed for humbucker... so I'm tempted to get a pickguard that has a humbucker slot and put one of these in there...
http://www.guitarfetish.com/Dream-90-Humbucker-SIzed-P90--Chrome-Case-_c_62.html
I had one in the neck position of my previous Telecaster and it was a perfect match. I'm going to leave it alone for a bit though and get to know it first. I might find that it sounds good the way it is.
The only required upgrade for it will be this Electrosocket from StewMac. I have no clue why Fender/Squier don't use this on all of their guitars. The Tele jack cup is a joke. All Teles need this part- takes 5 mins to install...
http://www.stewmac.com/shop/Electronics,_pickups/Components:_Jacks/Electrosocket_Jack_Mount.html
Oh and I always use Schaller Strap Locks so those too. But other than that, this is a nice budget axe. The tuners are decent, the nut is decent, the neck is great, 25.5" scale, nice big frets, the body is pine and thicker than the usual Squier size (more like Fender American), vintage style bridge/saddles, higher quality pots and switch... what's not to like? Usually I buy a $200 Squier knowing that I'll have to gut it and re-wire it, change the tuners, get a proper nut cut, etc. This is like the deluxe top-of-the-line Squier, haha, can't wait to check it out.