Proven by many thousands of guitarists to be enduring switches for a decent price, it's no surprise Oak Grigsby blade switches have become the industry standard. Found on many Fenders and other high end guitars.
4 way switches are commonly utilised in Telecasters to provide an additional series pickup mode option by flipping the switch all the way forward (leaving the other three pickup combinations accessible as standard). Series mode essentially makes the two pickups of the Telecaster one big humbucker, giving you an additional powerful, thick and compressed tone. This tone is great for fat rock riffing, or to add extra punch and body to your solos.