The two way switch is like a volume cut/boost, or rythm/lead. Says M-R. (Main-Rythm?) The other is a 4 way. Says B-(bass cut), T+B+ (Full treble and bass), T+B- (more bass than other two), and T- (Really bassy). The first two positions are really usable, the other two are too much bass, especially T-. But I guess back in the day the idea was you could use this guitar instead of a bass. Love how the volume knob goes to 8. After a lifetime of Fenders, Gibsons, shredders and clones, this guitar is something totally new for me. Really original, inspiring really.