Ignited might have a point, however. The only bass player that I've ever seen use an ebow, Michael Manring, is the bassist who put this effect on the map for bassists in the first place (far as I know). He's used it often with his fretless hyperbass, which is a modified 4-string legacy elite, with 19mm string spacing. I can get reliable and usable ebowing on my 5-string sonus on the A and D strings (tuned BEADG, with medium guage Zon nickle roundwounds), but that's with custom soapbar humbuckers and it's still an investigation for me, and I haven't worked with ebow on my fretless sonus yet.
Woodshed also raises a good point - ebow was designed for guitar, and most of those strings are lighter gauge and more narrow in spacing. Go through the online lessons, paying particular attention to the video clips. Much of the guitar examples seem like pipe dreams to me for bass:
http://www.ebow.com/lessons.php?cat=1
Then again, there's Manring, and his magic. I love the musicality of ebow on the Equilibre (and Thonk) albums, for example.
Maybe I'll have more general observations from my Soni (sonuses with 17mm spacing) in a couple months (or seasons)....
Edit: It's not musical in its impact, per se, but there's just something so D#MNED COOL about seeing that blue LED light on a Bubinga-topped bass floating in the darkness... and most of the audience, I would dare say, doesn't even notice it, except for the sound...