To me, cutting through is about identifying the bass as an instrument and hearing the distinct notes.
One of the things I find important to my success as a bass player is keeping the ego in check. Cutting through isn't always the right tone for the genre or the group. I try to serve the song. If you're playing with a multiple other instruments, that often means a lows-heavy tone that ties in with the drummer, providing a foundation that everyone else can groove to. One of the biggest problems with cutting through in a multi-guitar rock band, or with a keyboard is that both the left hand of the keyboard and some overdriven guitar tones invade the bass's traditional frequency range. That can be the environment where you need to find the right place in the mids to bump if you're looking to cut through.
Playing with a single guitar does make for a larger lane, but it also can create quite the challenge. I've been in that situation with my current band for over ten years. There are times when I am playing bass lines, replacing lines for a second guitar, covering sax solos, and who knows what else. There's no one else on the bottom, so my tone has to provide the thump, but that cutting through comes into play when serving some of the other needs. If the lows get too thin, the song suffers.
In my experience, that cutting through comes from multiple sources. Yes, we've all spoken about EQ adjustment. Recognize that it is sometimes not your EQ that needs to be adjusted, but rather the guitar player that needs a tweak to make room for you. That thick, driven guitar tone that sounds great when you're playing alone doesn't always fit into the band mix. The other thing that is critical is all in your hands. A significant part of hearing the bass notes is about attack and articulation, as well as controlling the ending of notes. If you play mushy, you sound mushy. My playing style has to be different if I'm playing an old-school 50's tune than if I'm replacing a sax solo or an upper-register keyboard line. This is where the Alembic rules because it is so responsive to playing style. I can play with slow attack around the neck and get the 50's tone and move to plucking over the bridge pickup with more aggression for a sax solo, all without touching a knob. Fortunately, we play 90% of our gigs either without FoH support, or with a sound engineer who has the right mindset to makes us sound like us, only louder.
After rambling here a bit, I guess the point is to examine your playing technique as well as looking at settings when you're thinking about cutting through.
-bob