Hi,
Yep, a 6db voltage divider. ...
If there's a straight connection between guitar and amp, compared to the regular 'high' input, due to its increased loading, the effect of the 'low' input will be more than just a 6dB attenuation. ie with instrument vol up high, the pickup's treble resonant peak will be damped.
If that's novel info, have a read of http://www.buildyourguitar.com/resources/lemme/
Yes but it can be useful tonally depending on the guitar and situation. Lot's of photo's of Hendrix on stage with two or three Superleads and he's plugged into the low input on the bright channel and daisy chaining from the high to the low on the next amp. Even early on, there's a photo of him at the Marquee in London (66, 67?) with a single stack, JTM45/100 head, and he's on bright channel low input. He sounded pretty good! I appreciate he had a wah and a fuzz face, not straight in, but he must have preferred that tone rather than going in the high input and turning the volume and treble down.
Tonally, the low input will be roughly similar to turning the instrument's tone control down a bit, ie such that the total parallel resistance of the tone and vol controls is about 140k (the tone cap's impedance may be regarded as a short up in that freq range, compared to such high resistances).
So it might be handy for calming down a Strat's 'tone controlless' bridge pickup.
Note that both the Fuzz Face and original wah had rather lower input impedances than a low input, and hence an even greater damping effect on pickup resonance.