Personally I dig Master Volume, Master Tone, Pickup Selector. Blend knobs created weirdness on passive two Pup basses, to my ears at least.
Volume, tone and pickup selector is my favorite for all my jazz basses, but my PJ is still vol/vol tone. Personally I don't like vol/vol setups at all because it's hard to change overall levels while keeping the same blend ratio. A stacked vol/vol would be a big improvement I presume.
But the reason my PJ is still vol/vol is I really would like to have a series/parallel switch on it and I don't know how to get a blend or even vol/vol to work with that. And so far I'm not convinced that the usual neck-both-bridge switch is what I want on the PJ. I DO seem to like to use certain ratio mixes, unlike my jazz basses where I find full on selections just fine.
So until I can figure out how to have both series and parallel plus some mixing method that works for BOTH, I'm now just leaving it the old vol/vol/tone.