[Tim Bishop]

The difference: The 2-Band does not have the Mid Control as the 3-Band does. I personally am not a fan of the 2-Band as those in the "sought after" camp. The added Mid Control on the newer Smith Models gives the player way more flexibility in shaping the tone in the mix.

As far as the 2-Band Layout: The Control closest to the neck would be the Volume Control (also Push/Pull to enable or disable Pre-amp), then the Pan Control, then the Stacked Control (closest to bridge) would be your Bass and Treble Controls.