I've bought the electronics as a replacement for my Warwick $$5's MEC default electronics and also to take off the "mid-edge" this bass has per default. The sound lost some of the deep mids, Warwicks tend to have and gained some clarity.
For the EQ capabilities, I can only say that everything each knob does eaxctly as you might expect - but in every case it's not annoying. If you increase or decrease the frequency level, it always feels musical. I don't know if you've had this with other electronics but with the default MEC, the higher frequenzies tend to get really sharp. no such thing with the Glockenklang ;-)
Installation is quite easy if you're familiar with electronics. You'll need to solder the connections to your pickups and the battery, that's all.