I installed the Freeway Switch on my Sterling by Music Man Cutlass CT50 SSS, which already clicks all the boxes for me in terms of what makes an S-type guitar an amazing instrument, and the results were awesome as expected. All 5 extra positions complement the classic 5 Strat combinations perfectly, and if someone doesn't know that there's a new pickup switch on my guitar, they simply cannot see it (it's that cleverly constructed, and easily used on the fly). If you love the feel of your S-type instrument and the sound coming from its single coil pickups, then it's like getting a new guitar actually (which has the same features and feel that you love, but different sounds), and for a ridiculous amount of money.
In total, the 5 new combinations you can get are the following:
a) a warm and thick neck pickup tone (neck >> middle in series)
b) a twangy Tele-like middle combo (neck + bridge in parallel)
c) a more aggressive combo reminiscent of a Les Paul middle selection (neck >> bridge in series)
d) an open sounding combo which is close to the 2nd position of the Strat, with a touch of mellowness coming from the neck pickup (neck + middle + bridge in parallel)
e) a thicker bridge pickup tone, reminiscent of a bridge humbucker (middle >> bridge in series)
The main reason I decided to buy the 5B5-01 was because I wanted to have the option to have a bit more body on the bridge pickup for some of my overdriven tones, and I can get exactly that by the (e) selection. I also love to have the ability to use selections (a) and (b) every once in a while (for Strat lovers who like Teles but don't want to spend money buying one, that (b) selection will totally get you a piece of that T flavor you like), and finally although I don't have any reasons to use (c) and (d) that much, it's not bad to have them at my disposal as well.
Overall, the unit is very well made and highly recommended. Easily the best Strat pickup switching system out there.