MIM (Made in Mexico) is more "vintage" specs:
* 21 frets
* vintage/thinner frets
* vintage style bridge
IMO, a used MIM Fender is THE BEST/most versatile guitar out there for the price you pay. The weakest link IMO are the pickups.
I bought an amp locally that came with a MIM strat (guy wouldn't part them out) and I gotta tell you, I was actually VERY impressed with this "cheap" little "import" guitar. I ended up ebay'ing it, but I played the heck out of it for a good month and found it to be a great guitar for the price they bring.
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