Hm. That hasn't been my experience at all. Could be that my all-Markbass rig has something to do with it, but I run the bass knob on my 2-band Ray at max and the treble at 75% and I don't feel that there's any lack of midrange at all. If there was the bass wouldn't have lasted long for me since I'm very big on midrange and can't enjoy playing with a noticeably scooped or undefined tone. The sound that I get is articulate and it'll do that bridge pickup thing.
I enjoy the 2 band preamp because I do feel it sounds better. The bass and treble frequencies are both more pleasing to the ear. The treble has a nice sparkle that's above the high mids so it avoids that harshness. And the bass is deeper sounding. Plus it's nice the interaction between the bass, treble, and volume. I agree that the bass control is boost only, except that I believe when it's completely off it's a slight cut. Like it's flat at about 5% of the way up or something. I think I heard that somewhere and it's been my personal impression as well. The treble seems pretty clearly boost/cut in a more traditional sense. But I do like that you're not quite sure exactly what it's doing and you have to just use your ears. It's a fun preamp without the center detents.
The 2 band is overall a more subtle tone shaping tool and feels more incorporated into the instrument as a whole. It feels more like a passive bass to play in a lot of ways. I think a lot of people write it off as just a 3 band without the mids control but that's not it at all. The preamps that have followed it have different frequencies and feel a lot more "active". Basically the 2 band gives a sense of being inseparable from the design, where the 3 and 4 bands seem like they were added on and could be swapped out at will. Along that train of thought, I wonder if EBMM are going to start putting Darkglass preamps in their basses given the apparent collaboration they're about to announce. It would be odd to me since EBMM are themselves the ultimate preamp maker and made the best one ever - the 2 band. Really I'm a huge fan of them I just want their classic tones to remain obtainable for everyone. I have mine so I'm all set.
agreed on the benefits of the 2 band and it's tone. completely disagree on the 2 band and midrange level. Depends on your goals though of course. Take a jazz bass with the level of either volume knob a bit higher than the other, take a precision bass, ..... far more mids as you play up the neck some for soloing, and so forth. It's really quite dramatic.
They are still one of the greatest basses in existence imho. But on the single pickup 2 band versions, it was a magical sound, but not a sound that let me dial in anything that would let me cut through a band when playing up the neck.
Just my findings, but it was real findings from a lot of serious use in various situations including studio and live. I ADORED the recorded tone of the instrument.... just perfect without touching it, and something that is quite a unique tone in the world and very distinctive, in a good way. But I need versatility in my midrange settings etc, and it wasn't possible in the way I needed it to be, and in the way that I can get it from other basses.
Hence why I would only ever have the 2 band again if it had the john east preamp - which is literally the same 2 band preamp with a very flexible and powerful mid control added to it... exactly what the doctor ordered (and why it's such a popular, although very expensive, preamp).
I am not in any way dissing anyone's love of the tone of them. I loved mine and swore by them, but by the end I was swearing at them for this particular reason.
It's a choice thing - for me, 3 band eq (although the 3 band isn't as nice sounding in the high end to me), or as noted, the john east preamp which is the best of all worlds. Another drawback that grew tiresome for me was that mine were slab bodies.... which I grew to dislike... very uncomfortable with extended playing for me on my right arm... the only good thing about the slab body being increased surface area on your leg when sitting down, which spreads the weight around better, but that's a moot point compared to the disadvantages of the slab body. And it just makes the body heavier without any advantage to it other than being easier to manufacture back in the days when it was all done more hands on.
anyway, the whole point is that we have choices, and choices are a great thing! I think the 2 band ray is one of the single greatest instruments in the world! if I only played bass in the traditional (in a group as a normal bass player) kinda role, they'd still be in my arsenal, because I think I like the tone better than most other basses for that situation.