Mixed opinions. I find them extremely handy, and would really think twice about buying a bass without them, but I never exactly mess with them. I set them up once and leave them as they are, so in that way, they kind of act like an EQ pedal would, but a pedal would at least be able to toggle. I guess to me, it's money-saving, space-saving, and it's more like shaping the initial signal rather than using an EQ pedal.
Though I have to say, the mid boost/cutoff switch on the Cort C5H (and some other Corts) is an incredible boost function.