I use the treble bleed on my strats... Mostly because it works almost like a gain knob. If you turn the guitar volume all the way up and turn your distorion wher you want it... Then back it off to about 6 or 8 you'll get a warm clean(er) tone... depending on your pickups... Then when you want to kick in distortion rock it to 10 and you got your treble boost and your distortion kicks in. That's the way that I use it anyway... Some people use it differently I suspect.

By the way... I use mine with Custom Shop '69 pickups in an American Strat... just for reference. Other pickups may react differently to volume changes...