I have it for a few different reasons.
1. It lets me shape my tone to great extent. I can boost diff freq +/- 18db with it. Alot more versatile than just using the amps eq knobs.
2. I use it as almost a 2nd volume for my amp. My amp is only 22 watts, but that is a pretty fucking loud for me just playing in my room. So, I can set the amps volumes higher so I get good tube distortion and tone, and then lower the volume on the EQ so it isn't soo loud that all my neighbors can hear me and call the cops. I have no headphone input on my amp so it really helps to keep the tone sounding good at lower volumes. Solid State it really doesn't matter, but tube amps are a whole different ballgame.
I use mine in the f/x loop for my amp. To use it to get a neck PU sound you would have to use it in your pedal chain before it even hits you amp, which is fine, I just don't use it for that.
Personally, the EQ pedal is prob the best pedal you could get to go with any rig, unless of course you have a bad ass rig to begin with, but for me(on a budget) it is the perfect pedal. When I first got mine it was almost like getting a new amp, that's how versatile it really is.