Giving favorite settings would be kind of pointless since so much depends on the rest of the gear that is being used, but here is a guideline on how to use a parametric eq like that:

step 1: turn the bass knob up all the way, and keep the middle and treble on 0 (mid position). Now slowy go from 20 to 500 Hz on the bass frequency, and look for a "sweet spot." Keep in mind that a sweet spot doesn't always mean boosting a frequency, it can also mean taking it away(offending frequencies). Once you find a frequency you're happy with, adjust the bass level to whatever you think sounds good.

step 2: repeat this for middle and treble