In 1965 Leo Fender sold his guitar company, Fender guitars. After the sale he and George Fullerton started another company, G&L guitars. G&L would go on to design instruments of excellent quality and guitars that Leo would later claim, "were the best I ever made."
I own both a Fender 50's Strat and an ASAT "Broadcaster" G&L. Unfortunately, they're difficult to compare, as the ASAT is closer to the Telecaster and the G&L equivalent of the Strat is Comanche. I have played both of those however, and with certainty can state that the G&L guitars are much better to play. Without using complicated words malapropitically (irony in that), I found that my ASAT has a far nicer tone that the Tele. I've always found the Tele to have a very thin tone, which was probably the aim of the designers. The ASAT however, can go from a thin treble tone to a tone that rivals anything I've ever played as far as it's thick sound. Never had any problem with the guitar at all. Obviously, I would never go so far as to sell my beautiful Strat, and as price is a huge factor, that two grand plus price tag of my G&L makes the Fender a little more attractive. Overall, however, G&L's are excellent guitars that deserve more mainstream attention and are worth the price for their play.