You're right! It's a bass cut, not a coil split. I sold my Rev about 2 years ago and my memory on the controls is a little fuzzy.It's not a coil split, it's a bass cut, and it's a really nice feature. Reverend guitars are the best thing going in their price range, IMHO.
I do remember it was a really great playing guitar, but I just couldn't bond with the sound.