Leo was an incredible man. He saw a place in the market for working man's gear and produced products for that market. He used basic designs and the least expensive parts that would work but still kept the quality.
Leo stayed with the company that bore his name after they were purchased by CBS in 1976. He eventually went on to form G&L Guitars with George Fullerton, also an old Fender employee.
Leo never stopped innovating, which makes his legacy that much more interesting: he couldn't play a note.
I am a proud owner of a number of Fender guitars and amplifiers (all tube, of course); a `77 Stratocaster, two `78 Stratocasters, a `78 Telecaster (all lefties), and some incredibly sweet tweed amplifiers. I own many guitars but my favorites are Fenders.