[quote name='niceguyhomer' post='471257' date='Apr 24 2009, 07:22 AM']I use it with the 'bright' button engaged though - sounds better IMHO.[/quote]
It's an EQ preshape that boost the highs and lows whilst scooping mids (+8dB @ 50Hz & 4kHz, -8dB @ 400Hz, filter slope - 6dB/octave). I find using a neck pickup with a pick sounds delicious with this engaged.
Regarding it sounding dull when you saw it - yeah it can happen. My experience is that if you leave the EQ flat it isn't particularly bright, boosting the treble solves that (that's what it's there for ).