I'll be the
diavolo avrogadro here, and offer a different opinion. No two of us are alike! That's why making a decision whether to buy or not buy an instrument based on opinions gleaned from enthusiast forums is never a great idea. So don't take my word for it, either. Go play one.
I have a PRS that's
very similar to the ME V, the 2016 20th Anniversary of Private Stock Limited.
Like the ME V, it has the narrow 408 pickups, but instead of a single coil in the middle, has a Narrowfield 57/08 in the middle. Unfortunately mine has fewer switching options than the ME V, but the sound is very close (other minor differences are that the mahogany on the body is a tad thicker, and the fretboard is Madagascar rosewood instead of whatever's on the ME V).
I've lived with my guitar for 7 years, and have several other wonderful PRSes. I've logged a lot of hours with this one, and have played it on a good number of national TV ad tracks in several styles, as well as for my own projects. As with all of my instruments, if I can't make a buck with it, or only rarely use it, any guitar is outta here no matter how cool it looks or is in theory.
It's the most beautiful sounding electric guitar I've ever owned, and I've owned a
lot of PRS guitars. The pickups have tremendous beauty and clarity, and the switching positions are useful. But it ain't gonna cop grandpa's classic 1950s guitar tones (I say this as an actual, bona fide grandpa).
I've never had to tweak it.
But whether one loves a guitar so often depends what a player is going after. It sounds like itself, not like a standard humbucker model, and not like a Strat, though I use it where others might use either of those. If you want a more traditional humbucker or Strat sound, get a traditional humbucker guitar or Strat.
I'd guess there's a reason that the PS Signature Limited guitar that John McLaughlin plays (the skyline inlay guitar) has 408 pickups. He doesn't want to cop someone else's tone, he likes something different.
If you want something that blazes its own trail, the ME V is an excellent choice. Just my two cents. But there is no substitute for getting your hands on one and deciding whether it's for you.
Here's mine, you can see it's very similar to the ME V: