Of all the filter preamps I'd say the EQ02 is the hardest to sort out on a two pickup bass as you have to accommodate the output from both pickups and the blend control setting with just one filter stack and the treble stack. I much prefer the ones with a filter stack per pickup (plus the treble stack and preferably the active/passive tone control too) so you can can get each one to sound like you want it and then just use the blend to your heart's content.
They are a bit marmite I agree, but if you invest the time they are great. Also the SEQ is quite nifty, it's a bit like having a really good tone control for each pickup and a volume/blend stack. Still has multiple adjustment if you want them but very intuitive.
EQ02 is fine for single pickup basses though.