Nothing, probably.

I have so far found two use cases for channel switching that I like. First: tint mixing, like in my LT1. Second: alternating between flood and throw, like in my D2 (3500K 519A and W1).

But I haven't really felt like I wanted tint mixing in a flashlight, and the pattern of LEDs in the M44 don't really lend themselves to throw. It might be different if each channel got two four-led clusters, so you could put different optics on each cluster,

On top of that, I already have a D18, which probably puts out more light than an M44, even with just SST-20s in the D18.

So I just can't come up with an M44 configuration that feel compelling enough for me to want to drop money on it.