I've heard about the MIM strat quite alot, but i have no i dea what one is? could someone please explain?
Google? Stratocaster (Just like Hendrix, Gilmour, SRV, Frusciante etc use(d)) except it is Made in Mexico. It is less consistent but generally lower quality and definitely lower cost than an American model.

EDIT: I have one and like it a lot - although mine has a humbucker in the bridge. Definitely a good guitar to mod as well.
its a fender strat thats made in Mexico just abbreviated same as made in america is mia and made in japan is mij
Not only that, the main difference between the usa and the mexican ones are their number of frets, a mexican has 21 frets vs the us one that's got a 22nd fret.

The hardware, the electronics, the assembly, everything is minded to have a mim one low-cost, so the quality control will be less constant if efficient at all, the hardware could not be checked unpon assembly so that you find a dud part on that guitar, the soldering jobs will definitly be cheaper and of lesser quality on a mexican, the pickups are not of the same types and if they wear the same name they will not be of the same grade, as of gibson sending their ''boxes' scraps'' to epiphone so that they can still put 'USA electronics' on the tag.

BUT, if you're value-minded you can look a little bit here and there, try at the same time usa and mexican ones, you can still find excellent guitars, that with some money put on it would have equaled or better quality equipment. Just be on the lookout for a nice sounding one UNPLUGGED so that you can hear the wood of the instrument working its way to your ear, some of them would sound the same, but after a few tries you could really find a pleasing one. So many to try, only one to buy...
I love music, if music would be a girl then I'd date her, until then let's get back on Earth