This .047uF polyester film capacitor is often used in guitar tone circuits for its ability to provide a good balance of treble reduction and overall tone shaping. This also offers a noticeable treble roll-off, especially when used with high-output pickups or guitars that tend to be bright. 

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The .047uF value, compared to smaller values like .022uF, leads to a darker overall tone, contributing to a more rounded, warm sound and provides a noticeable treble roll-off, which can help tame harshness or brightness in the guitar's tone and are commonly used in both single-coil and humbucker pickups, as well as on guitars with brighter or more aggressive tones.