Basically, I figured I needed a 5 way switch for a project I am working on. I haven't decided on the exact wiring/pickup combos I will have but there are two humbuckers and a Benedetto S7 in the neck (if it's a HB it's a pretty odd one). I went to Ebay to see what I could find, and I realized that I was finding way too many options for what I thought was a simple thing.
My question is, other than paying for "quality" or a known manufacturer like CTS or Oaks-Grigsby, what are the differences between these and, say, a stock fender 5 way or one of the several models of Schaller Megaswitches? [The term "Mega" to me implies it's bigger or does more- is this the case? ]
Also, what are the differences between the different models of MegaSwitch 5-way switches?
A big part of it is what you want to do with it.
A standard five way is essentially a three way switch with 'in between' positions. If you think of it as being like a strat, you have bridge, bridge and middle, middle, middle and neck, neck as your five options.
Things start to get interesting when you want crazier wiring options like Ibanez wiring (bridge, bridge and neck split, both humbuckers, neck in parallel, neck) as your wiring and switching requirements become more complex. A stock Ibanez switch is one of the few ways you can do this. To do it with push pull pots is possible but at that point a standard 5 way switch will work.
The MegaSwitches allow all this in a bigger, uglier packacge that's more fiddly to wire - the advantage being anything is possible. The variations between manufacturers revolve primarily around the various pinouts, but the end results tend to be the same.
If you're going for a three humbucker setup a megaswitch is what I'd recommend. If the Benedetto S7 is a pre-wired humbucker (only three wires - hot, ground and shield) then the standard Ibanez would do the job - if you want standard Ibanez wiring.