There is no Petrucci sig on it physically tho it bears his name in model, also John didn't make them. OLP just licenses the shape and puts out the lower priced model (John wanted an accessible alternative to the squire strats out there for beginners). Theyre decent for $350, that being said are you getting a musicman? No. So the hardware and pups are of cheaper quality as well. If you compare the math on the replacement parts it would take to hot rod one to what a lower end EBMM Pet (mag pups only, no matched stock, inlays or piezo) costs it almost pays to save up for the real thing. Also there is no 7 string OLP.
Here's the breaka breaka down:
$350-$400 for olp
$160 for pups
$125 or so for bridge (hipshot or wilkie)
$70 for better locking keys (sperzels or schallers)
$30-50 for better electronics (pots ep1111 switch, knobs wiring)
$150 or so for labor if you dont do it yourself (more if you have the frets crowned)
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$885 is the conservative guesstimate
With the EBMM you get a hardcase and in truth it's not much more in the scope to scoop up the EBMM., it's pretty much the same configuration too (2 pups 3 way switch vol tone).
Of course if the real thing isn't in the budget, the OLP is a good bang for the buck stock (tho it only cmes in one color, their version of PRB)