Open circuit time constants — the series
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A sum that is exact, and the estimate that is not
Add each capacitor's value times the resistance seen at its own terminals with the others removed, and the total is the ratio of the first two coefficients of the denominator polynomial — a theorem, holding to a part in a billion at every spread tested. Divide one by two pi times it and you have a bandwidth estimate that is 14 per cent low with three equal capacitors and never once optimistic. Two settings of the slider have the same three time constants and bandwidths two per cent apart, which is why the sum can never be more than an estimate.
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Shorted instead of opened, and the error changes sign
The same construction with the other capacitors shorted rather than removed sums the reciprocals of the products, and that sum is the ratio of the denominator's two HIGHEST coefficients — the negated sum of the poles, exact to a part in 10¹². Divided by 2π it estimates the lower corner of a band, and it is 16.6 per cent HIGH with three coupling capacitors and never once low. Two settings of the slider give the same three time constants in a different order, the same sum, and corners two per cent apart.
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Where the estimate stops being a bound
The sum of open-circuit time constants is never optimistic on a network with real poles, and the claim is about the network rather than about the theorem. On a second-order section the ratio of the estimate to the truth is Q/√(k + √(k²+1)) with k = 1 − 1/2Q², which is exactly 1/√2 at the Butterworth quality factor — its worst point, 29.29 per cent low — and exactly 1 at a quality factor of √2. Above that the estimate is high, by 6.45 times at a Q of ten, and the crossing bisected on the solved response is 1.414213 against 1.414214.