yes, more or less, you're correct. the earlier poster's description is in fact misleading, I think the term he used for the series 1 continuously variable filter controls was wrong, maybe he was confused, or maybe alembic just used the wrong term back then.
they are low pass filters, however the q switch wahh wah wah-wahh wahh I used to crank that switch to have the most peak and set the neck pup at a lower whaa whaa whha bridge pickup at a middle wahh waah. the result was an amazing slightly scooped very hifi and very funky tone that I couldn't get on any other bass, and I recorded DI all the time with it like that back when I owned my vintage series I.
I'd call the variable control a whaa wahh wahh for each pickup, and the switch is a Q control that also as a side effect works as a whaa waaw wwhhaa.
amazing setup. now I'll say that this is from my own personal use, not from documentation. It could well be that it actually is working like this: the variable filter knobs on the series 1 might in fact be Q control, the filter cutoff freq. might be fixed. and the switch might be a whaaaa wha waah. so if that's the case, the end result for the player is similar, and I would have been able to dial in the settings the same way, the method of what's really going on may have been different from what I thought was happening but it the way it controlled would be similar enough for my confusion.
so that could well be it. but if the switch is q, then the whaw whaa if the knob is in fact Q, then the switch is whew.
either way, amazing bass, wish I'd never sold mine.
cheers,
Don