I had one of the American-made Vintage Jazz Reissues from the 80s with the concentric knobs. It was beautifully made and finished, but had a relatively floppy neck. I bought it new, so it had the pickup covers and everything, including a cute copy of the the original owners manual.
I found it to be massively better than the regular Jazz Basses of that time. The American Jazz and Precisions got a signficant update in the 90's and I think they're better overall instrument, even if they're not as authentic.
I rarely turn down the tone controls, so it turns out that the concentric pots were hardly different for me than the normal 3 knob arrangement. The knobs did click (which i liked) by the arrangement described above. I liked the knobs so much, that I bought an extra set of them as spares in case they ever stopped making them.
Ultimately, I decided to sell this bass since I never really used it. I miss it from a collector's standpoint, but not so much as a player.
David Fung