Just one of Fender's early attempts to get back to the pre-CBS type thing. Note that a lot of people call the two-knob Strats "Smith Strats." That's not right. Those are just "two knob" Strats built in the Smith era. An actual Smith Strat is more like a traditional Strat.
They are what they are. Anyone looking for a nice Strat to play should just run the racks and pick the one that's best.