Frequency selection is a personal choice. The Behringer has the same selection as the Boss GEB-7 which has been proved to be quite useful to the average gigging bassist (a 120hz boost frequently helps, and the 400hz can help clean up mid range honk). However, as jking says, they aren't to everyone's taste - there's a huge gap between 120hz and 400hz - the mud range!. However, being so much cheaper than the Boss it is modelled after, you haven't got a lot to lose.
My only other gripe though is the sliders aren't quite as stiff as the Boss, so they have a tendency to move when packed in a gig bag. They also do not have a centre indent, so it can be tricky centring them to exact '0'. A better option in this price range with the same frequency selction as the this, but with better slider action and centre indents is the Chord Bass EQ. It's also metal as opposed to the plastic bodied Behringer
Chord BEQ-50 Bass Graphic EQ Pedal
Another pedal you may be interested in is the Artec Bass EQ and tuner. This has a different selection of frequencies that are evenly spread apart, and has a 200hz slider that can clean up mud. http://artecsound.com/effect/se-beq.htm