I've been skeptical over these in the past, but they are really promising when you read up on them. They open up some cool options.
Check out the other reviews at MF: http://www.musiciansfriend.com/accessories/toneshaper-stratocaster-sss-1-control-knobs-and-switch?content=reviews
I might use one for my Squier since it is my least played guitar, and it needs a tone makeover.