It's basically a low pass (or high/mid shunt) filter that raises the low (and sometimes high also) frequencies at low listening levels. The filter is usually wired to a tap on the volume control, so it's effect decreases as the volume is turned up, and then disappears at about 2/3 or 3/4 the way up (like the bright switch on a Fender amp). This is to compensate for the
Fletcher-Munsen curve, which states that the ear is less sensitive to extreme frequencies at low levels (stuff sounds thin when not cranked!).
Tim
Call your Mom.