Bright switches allow highs to bypass the volume control and leap around it so regardless of what the volume is set at, your highs are on "10" when the bright switch is engaged.
Bright switches do not take a way bass.
Negative Feedback is a signal taken from the audio signal within the amp, usually at the speaker jack on a Fender, and reintroduced into the audio signal but out of phase. It chokes the signal and reduces distortion and gives you a cleaner tighter tone.
A Prescence control is connected to a capacitor that goes to ground, and, when it's turned up, sends the highs of the out of phase signal that is part of the negative feedback circuit to ground...so those out of phase highs cannot choke the in phase highs and the result is the amp sounds brighter and the highs sound looser.
That's a kind of simple, non technical explanation but it's what happens.
Lew