I don't think it takes anything away from you. It gives you more control if anything.
From what I gathered by looking at the schematic, is that it basically allows you to dictate what is controlled, which rules. If I can tell my 5 way switch exactly what combos I want, that's sweeeeeeeeet. In essence & theory, these would/could become the most versatile bass out there with the option to get any pup config/sounds you're looking for.