I currently (I'm a heavy tweaker) have my 5150 III on:
Bass: 3.75 Mids: 6.25 Highs: 7 Gain:3-4 Presence: pretty cranked, like 7 or 8 Resonance: Somewhere. It's on the back so I just twist until it sounds decent
Pretty awesome mid-scooped sound with a bit of extra punch. It's really set up to cater to double-tracked single string mutes for the staccato riffing I tend to do.