Awesome addition to a Tele
I got this to replace the stock neck pickup in my Fender American Standard Telecaster.
The tone is great: thick, raw and snarling just like a regular P90. Adds a little darker element to the Tele without getting as full and dark as a regular humbucker. Given that the music I enjoy listening to (and trying to learn to play) is primarily classic rock, blues, and country (ish) it's a perfect fit.
The one downside is that it's much louder than the remaining stock bridge pickup. The sounds blend rather nicely in the middle switch position, but switching from bridge to neck requires a dial-down on the volume knob. Definitely not a problem with the Phat Cat, and there are various ways of dealing with that anyway.
Definitely worth the price if you're looking for a P90 sound and don't want to get all power-toolsy on your guitar.