The ACG (and other filter-based preamps, like Wal and Alembic) does require a different approach than the traditional 2- or 3-band boost/cut.
I have a lot of experience with the Wal preamp, but I'm still sorta getting used to the ACG preamp. With both, though, my basic approach is to treat it like a "supercharged" passive tone control. I tend to use the cutoff frequency on the LPF to decide how bright or dark I want the overall tone to be. Used in that way, it feels and sounds very natural.
I generally leave the boost off (all the way counterclockwise) on both the LPF and the HPF unless I'm going for some specific effect, but it's a case where I have a few specific settings I like to play with. It's not quite as easy to do minor tweaks with the boost settings on the ACG as it is on a traditional 3-band, but it offers some settings that simply aren't possible with the traditional EQ.
One thing that confuses people, I think, is the center detent in the boost control for both the LPF and the HPF, which is not "flat" but "boosted halfway". Also, I find myself missing the numbers on the Wal knobs, which made it a lot easier to reproduce specific cutoff frequency settings. But the ACG has more overall flexibility than the Wal EQ, with variable boost instead of a single on-off boost setting, and a high-pass filter control with wide or narrow frequency range and variable boost instead of a "pick attack" with a narrow frequency boost and a single (adjustable) on/off boost setting.
It's not something that will work for everyone. It's really easy to get a wide range of tones from bright to very dark, with an infinitely variable amount of "midrange honk". But if your preferred tone is basically a "flat" sound with a little bit of bass boost, that's not really something you can do.
Mike