should have tested the bypass in the shop :facepalm:

http://soundclick.com/share?songid=8076639

0:00 - 0:18 min
Guitar > Computer

0:18 - 0:29 min
Guitar > Fender Vol/Tone > Computer

0:29 - End
Guitar > Pedal with Treble 'boosted'. (then moving it around a bit)

what a crock of $@!&. i've tried it with buffered pedals before and after. with buffered before it the tone part of the pedal ceases to work. same treble-suck happens when it's in a bypass loop (although this is buffered aswell) AVOID THIS PEDAL!
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the above is a post i made on another forum. i was just writing a similarly scathing review on harmony-central.com but thought i'd try this place out to see if the issue is consistent with other people's experiences (there are no other reviews i can find) or if Fender themselves have a 'fix' or modification that can be done to correct this godawful tone suck.
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cheers