For the price and features, you have a winner. I made a similar choice, but with the Peavey Fury, about three yaers ago.
Peavey doesn't offer the Fury anymore; however, the new Millennium seams to be the same. The only difference that I've noticed is the bridge is updated, the hardware (Bridge, tuners, and knobs) are black instead of anodized silver, and the head stock has a newer Peavey logo.
I think Peavey basses in this price range are often overlooked by Ibanez basses in the same range. The millennium is probably made in Korea, but does that really matter?
I'm more than happy with my Peavey and don't feel the need to upgrade unless I just happen to come across a couple thousand dollars, and then I would buy another Peavey...the Cirrus.
Fury specs:
http://shopping.com/xPF-Peavey_Fury_4_String_Bass_Quilt_Top_Sunburst