Do you have the Mid knob (not the Mid Frequency switch) turned up or down? I noticed on my SVT3 (that has a very similar, if not identical, EQ section) that the Mid Frequency switch doesn't have any audible impact unless the Mid knob is boosted or cut.
Makes sense, actually -- if the Mid knob is set flat, it's not doing anything, so it doesn't matter what frequency the Mid Frequency switch is set to.
If you want to hear what it actually does, then turn up or down the Mid knob first, THEN play with the frequency switch.
Ok, I just realized you said "lately" -- so maybe you can ignore what I just said.
Asad