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just a bit of note, the switch you indicated is actually DPDT, which stands for doublt pole, double throw.
The series/parallel mod is very cool and very cheap. A bit more accurate description of the tonal characteristics would be this:
parallel: lower output, lower mids, lower bass
series: higher output, more mids, more bass
Also, a humbucking pickup (i.e. a pickup that has more than one coil in the same casing) can be setup with the series/parallel mod on its own. For instance, a jazz bass with DiMarzio Model J pickups could have two series/parallel switches, one for each pickup, and they would work independently of each other.
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