I installed the switch because I wanted the bridge-neck pickup combination on the 3rd position (HSH style guitar) and it works very well. There is quite a few wiring options you can do with it as shown in the pictures, but check their site for a bit more detail.
The switching feels a bit soft to my liking, but then again I have to admit I am not a 5-way switch kind of guy, I can never switch to the position I want unless it's the 1st or 5th.