Most of the strobing lights I have are intended for a less than lethal defensive tool. Some research has found that a stobing light is more disorientating than just a bright light shined into someone's eyes. So if you are threatened shining the light into the attackers eyes with the strobe on can disorientate them allowing you time for escape. At one time officers were apparently trained to quickly move the light from side to side to cause the effect.
So that is the theory and a LEO may have more input in the practical side of that in their world.
Personally I find the multi function lights to just be a pain. The primary reason is you never know what mode is next so you key the tail cap switch and you get a random light. If it is wrong then you continue to hit the button until you get the light you want that time. Others, and I do not have one of these, you have 2 controls one for the light mode and the other for the on off. Now you have to think I want bright that is this button to up, or what ever, and then turn on. If you are dealing with a predator, 2 or 4 legged, that is too much thought. If you are dealing with breakdown on the side of the road and are looking to reconnect your battery either way is fine, but the tail cap clicking through the modes may damage your night vision more if it comes on Bright in tight spaces and you wanted the low power.
As with everything else compromise to how you are going to use it. Is there time to think it through and switch modes. I have to say I do like having the low power option for tight spaces like engine compartments. The high intensity light way over there (another option wide focused beam or flood) can identify a risk further away.
That is a lot of words to say that good, bad, useful, or pain in the behind is all up to you.