I have one of these in a Dingwall Super J. I too had concerns about the frequencies of the low and high pots. I assumed, like so many other onboard preamps that the low and high were shelving, and as such couldn't understand the point of 40hz and 18khz. Having spent a couple years with this preamp I think they're actually a peaking/bell filter with a very wide Q factor. When you boost on either of them you hear quite a bit more change than the number would initially suggest. They're quite usable, as is the mid pot on my 3-band model. Essentially, the low is controlling frequencies above 40hz, and the high is controlling frequencies below 18khz... or at least that's what my ears tell me.
The REAL star of that preamp, for me, is that the treble pot is an active boost when dialing it in above the center detent, and a passive tone roll-off when dialing it in below the center-detent. I've never been a big fan of active treble cuts and always preferred the resonant peak at the knee frequency of a passive tone knob's LPF. Of all the EQ knobs on this particular bass, that's the one I use the most. It's all very musical and useful, but that active treble boost and passive tone roll-off knob is a work of genius.