You can't go wrong with a good Precision, and if the neck is comfortable to you, it would probably be a good one. The price is a bit high in my opinion though. I think you could probably find a 62 reissue for just a little bit more, or offer the seller ~$700.
The new 08/09 American Standard basses are amazing! Although the bass shown on Craigslist is an '07, is has the 08/09 appointments (you can tell buy looking at the bridge and the logo on the headstock). They almost all sound and play great. Quality control is excellent, the necks play like butter, and these things are also pretty lightweight. Many people over at TalkBass, myself included, think these are some of the best basses Fender has made in years.
I really wanted a Jazz, for the skinnier neck, but my '07/08 P plays so nicely that I don't need the skinnier neck.
That said, I bought mine used for $779 and Guitar Center in Beaverton currently has the exact same bass as that Craigslist ad for $799. At least, I think it's the same. GC's pictures is bad, but it looks like an '08/09. Put your zip code in at: http://used.guitarcenter.com/usedgear/index.cfm and check Just Arrived.
Mine P-bass with a case for price. The cases where redesigned for this series and a big selling point with these basses. The seller on Craigslist is only offering a gig bag. He's probably keeping the nice case.
Simply put, I think the bass on Craigslist would serve you well for many years to come, but the seller is asking too much. With the fancy new case, I'd offer $750 or $800. Without it, I'd offer $100 or so less.
Or, you could check out the one at the Guitar Center. If it is indeed an '08/09 and has the case, it will be well worth the $799 they're asking. Try to talk 'em down $100 anyway!
Good luck! My '07/08 P is the first bass I've ever owned and maybe the only bass I'll ever need. Seriously. Unless, of course, GAS strikes and I want a Jazz... Or, you know, I find a Ric at a garage sale.
It appears the seller is charging more than the retail price for this bass. If there are upgrades, I understand. Craigslist is generally a place where instruments are sold at below retail prices. Most are used.
Actually, the American Standard P-Bass now sells for $1,200 at places like Musicians Friend (w/case). The Craigslist seller isn't offering his up at a horrible price. It's just that after watching the market for these for a while, I think the OP can get and better price.