Alright, I own one too, so here we go.
1. Volume Knob- this is the knob closest to your bridge. Serves as magnetic volume when in stereo mode (more on this) and master volume when in mono mode.
2. Piezo Volume/Blend Control- this is the knob that is DOWN and to the RIGHT of the volume knob. This serves as the piezo pickup volume when in stereo mode, and works as a blend control (between magnetic and piezo) when in mono mode.
3. Tone Knob- This knob is to the RIGHT of the volume and piezo volume controls, farthest back on the body. This controls the tone of the magnetic pickups.
4. 5-Way Pickup selector- this is the pickup selector switch that is just down from the volume knob. Selects what pickup(s) and their mode that you play with. Settings are...
1. Bridge Humbucker (All the way back, towards bridge, position)
2. Outer coils of both humbuckers (Strat "quack" sound)
3. Both humbuckers
4. Neck humbucker parallel mode (Sounds like a single coil, no hum tho)
5. Neck humbucker
5. 2-way selector switch- this is the little chrome switch in-between the volume and tone knobs. Selects between magnetic or piezo outputs (Mine has been replaced with a 3-way switch that allows for magnetic/both/piezo, so you can have both at once).
6. Output mode selector button- this is the little black push/push button that is just down from the selector switch. This determines whether your output is mono (just using ONE of your two outputs) or stereo (using BOTH of your outputs). In mono mode, if you use magnetic or piezo, either will be sent to the single output, and your MASTER VOLUME control will determine your overall volume, for either piezo or magnetics. The piezo volume then is a blend control. So, if you are playing the magnetic pickups through your amp, and then switch to piezo, wll, the piezo will come through your amp. Yuck, basically. In stereo mode, you can use one output (the FIRST one, going from neck to back is the default mono/magnetic output) for your magnetic pickups to your amp. You can use the SECOND output (in mono mode, this is dead. In stereo mode, it is piezo ONLY) to send your acoustic/piezo signal to an acoustic amp, or straight to a mixer etc. Then your volume controls will be seperate, and there will be no blend function per se. Both pickup types will have dedicated outputs. (As an aside, I play my guitar 99.9% of the time this way, and use dedicated processors for both outputs.)
Hope this helps!