Oh yes, Jaco redifined electric bass playing on many levels and both he and Flea certainly know when not to play, or as
Miles Davis says "knowing when to play the rests."
As far as gear is concerned, I generally play an Ibanex Sound Gear 5 string through a Hartke 3500 and Hartke 4x10 cabinet. When I use effects it revolves around envelope filters (the Q-tron being my preferred pedal). I prefer a more spartan set-up for several reasons, not the least of which is to not take up too much sonic space, which along with knowing when to and not to play fits what I consider the role and function of a bassist in the settings I play in. Everything is context specific though. For Dave's material we'll be playing to backing tracks that fill in alot of sonic space so I don't need go nuts with the effects. On the other hand when I play in a funk trio it becomes my role to do more than just hold down the low end, so I'll thincken it up with some effects, especially when I solo.
For Dave's material, I will try to adhere as closely as possible the effects he uses on the album.
Dave just posted a video of us playing our separate riffs for Long Run if you want to see and hear my rig in action.