I have a bass with two pickups, each pickup having its own volume and tone. I couldn't tell you what the values of the pots and capacitors are (for somewhat valid, somewhat stupid reasons). Overall I'd call the result an interesting experiment -- it sounds okay, and there are some interesting settings (eg, neck pickup's tone knob at max, bridge's at min). It's all passive so there's no buffering and plenty of interaction among the circuit components. So it's fiddly enough that I'd be wary about setting up an instrument intended for live performance this way. But if you just want to bash around seeing how things sound, it's not bad.
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