G&L is a guitar manufaturing company founded by George Fullerton and Leo Fender to make premium guitars and bass. It is the third guitar company created/inspired by Leo Fender, the first being Fender (duh) and the second Music Man, which was bought by Ernie Ball. These instruments are refered to as "real Fenders" in that the craftsmanship is next to none, the sounds is natural, and the playability is solid. They cost is many hundred dollars more than American Fenders, but for the most part is worth it. The lower-quality instruments are Tribute by G&L, which are made in Korea and lack the superior electronics and quality woods of G&Ls made in the U.S.
Compare a Fender Strat to a G&L Legecy or Comanche and any Fender bass to a G&L L-2000 and your mind will be blown.