The wiper terminal varies the output impedance while the pickup coils see a nearly constant input impedance, so the tone does not change as the volume is adjusted. The disadvantage is that rolling either volume down too far when both pickups are used in mono will mute the output, so you are sacrificing some degree of control. Doing it the other way around with the wiper terminals varying input impedance means that the volume pots will give a variable impedance load on the pickups, but you will have independent control in mono mode with both pickups selected.
It probably goes without saying, but in mono mode with both pickups selected, the tone pots will interact, as they are parallel to each other when both volumes are up.
If I may ask, where does a treble bleed come into this? Does the "vintage" style wiring replace the need for one? And does a treble bleed work the same way?