I do pretty much exactly that now without this new feature. (Not that I'm dinging it, it'd be cool.)
4 switches change scenes, with different amp and drive settings. Hold on those goes to the other 4 scenes, for whatever.
I have a few utility switches, then the rest are effects, mostly toggles, one for rotary channel change for slow/fast.
That gives me control over nearly everything that fits in a mk I CPU. Biggest limitation is the number of switches.
So this is is cool, and I'll probably use it, but I'm still jonesing for channel groups and bypass groups