I use three settings: both pickups full on, neck pickup full on and bridge pickup 1/4 turn down, and neck pickup down slightly and bridge full on. Here's a sound file with examples of the three (recorded direct with Labella flatwounds):
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0:00-1:00
Both pickups full on. A tight modern sound.
1:00-2:00
Neck pickup full on, bridge pickup 1/4 turn down. A more classic Hofner tone.
2:00-3:00
Bridge pickup full on, neck pickup 1/4 turn down. A Jazz bass type sound.
3:00-4:00
Both pickups full on again. This is really to demonstrate how the bass sustains. I don't let the notes fully trail off, but you get the idea. I end it with some harmonics.