Knob position is arbitrary and will vary per manufacturer, of course.
That being said, yes! This thing is hella-loud! I find it a bit "polite" in the mix, and the mids need to be boosted. I *think* Demeter considers flat to be mid 100%, bass/treble 0%. Someone check me on that.
From Demeter's website : The middle give 6dB of boost or cut at 500Hz (wide Q, peaking type)
So unless I don't understand how EQ's work (and that could very well be a possibility ;p), noon should be flat

