The volume pot – what is the right resistance and how does it affect the sound of a guitar pick-up

In forums I often read questions about different volume pots and the best value they should have. A normal Fender Strat pot has 250 kOhms, but 1MOhms (=1000 k Ohms) is used on Telecasters, while Gibson often uses 500 kOhms. And then there are the no-load pots,  so all in all it seems there is some confusion about what to use best, and what effect a different pot value will […]