Anyway the way this thing is set up, I think of it like a set of strat, tele, and LP pickups all wired on the same axe. One tone knob has been replaced by a rotary switch. Position one: wired just like a strat, position two: wired like a tele with the two added pups, position three: wired like an LP with the neck and bridge sets wired in series.
I like it because it's easy to think about and doesn't have a million extra switches or knobs like is easy to get carried away with in mod projects. The 5 way switch works for every setting, it just has two redundant positions for the "tele" and "LP" settings. Right now it does strat sounds well (of course), and it gets pretty thick and gritty in series. Doesn't do tele well though, and I'm planning on experimenting with a Seymour Duncan TwangBanger in the bridge, not sure what to try in the neck.
So there you have it, I know it's been abused a bit, but I love this axe, get's me a ton of different sounds.
-TC