Adding mud or reducing treble response (with the .047uf caps) seems to be the way Leo tried to offset the severe brightness in a Stratocaster circuit by adding a "mud control," but not to the bridge, where it was needed most.
I've always found the fascination with the "tradition" of the .047uf capacitor in a guitar tone circuit almost laughable.
(This is not the same as using a .047uf capacitor in series with a pickup to reduce low frequency response)
Like cloth covered wiring, the tradition is embraced largely because its traditional.
At far, far less than 180° of tone knob rotation, and you have just draped a wet comforter over the amp. I've never understood that.
@ivan H and I have both discussed this at length.
Even the Gibson .022uf produces useable response over most of the knob's range of motion.
I tend to use .012uf quite often on my bench as a "standard" replacement tone capacitor and people are shocked at how their tone circuit has suddenly become useable.
TBTH, I really like how .010uf works best of all.
I tend to keep a batch of Mullard .012 and .015uf on hand as they are cheap (and the fact that they look like a piece of candy from grandma's candy dish is cool too.)
I've used 0.01uf quite a bit in a number of builds and it's a great capacitor, giving full range of motion to the tone knob and useable tone even when rolled all the way off.
@ivan H conducted his own experiments with this vue and perhaps he too will chime in.
I favor the little box capacitors in this rating as they have long leads and fit nicely into small control cavities.
Even on brand new Stratocasters, that now feature a bridge tone control, it's just absolute mud after a few degrees of movement.
I like having the full sweep of the knob available in very linear fashion.