I have a Fender P-Bass with Alembic PJ Activators. I really love the pickups/electronics - I feel like I can get the traditional tones that one would expect from a PJ setup, but with a much broader range of tonal options with the frequency knob - from dark and thump to bright to anywhere in-between, multiplied by the different blends of the two pickups.
Mine is volume-volume-frequency - I personally can't stand blend knobs!
Have you ever played any Alembic-electronic-equipped instruments before? The frequency setup is different than traditional bass-treble eq setups. Also, I am much happier with the Q-switch mod - without it, there's a baked-in +8 bump which is kind of extreme in my opinion - I like being able to have +0 so it just drops at that point rather than emphasize.
And agree with Bill, tgo & bigredbass - it HAS to have the electronics - not just the pickups!