The understanding of the BBE Maximizer I had was this: It seperated the frequences into bands, and then delayed each band about 3 milliseconds from each other. A person can't truly detect a 3 millisecond delay ( I think < 20 milliseconds is imperceptible, and pro drummers are said to be able to detect no less than a 10 millisecond difference), so the listener doesn't hear the delay.
But the bands are more seperated, so the high end isn't so mudded-out with the rest of the mix.
Some people swear by these, some people can't stand them. I go back and forth on them. If you have a cheap PA, they're great for bringing out the vocals when you only have $50 handy. My Power Amp was underpowered for my club system, so I bought a sonic maximizer used for $25 and people stopped complaining about not hearing the vocals. Many guitar players throw them in their rack, too, although I think they are a bit tinny for guitar playing. Although, if you're doing 80's glam rock, it's probably a good unit to have.
I don't know how well it would work for bass. I believe the idea is to allow the higher end frequencies to stand out better, and a bass shouldn't be in that part of a mix. Also, most bass lines involve one note at a time, and I think that the maximizer is most effective across a wide spectrum of audio (multiple notes, multiple instruments).