the 4 way, assuming its working right, is 1-both pups in series 2- neck 3- both in parallel 4- bridge.
the neck pup is probably almost the opposite of a normal tele neck pup, much brighter and defined rather than what i usually hear as typically dark and muffled pups. the tone control is a .1 so you can roll off high end pretty quick but you can do some cool tricks with it.