Fatparrot: There was another thread which brought up the mono cartridge question a while ago, and none of us could say for sure exactly what the difference was, or why it would be better to spend $$$ on another cart when a mono switch (which I have and won't do without) would seem to accomplish the same thing with a stereo cart. We speculated about stuff like you mention, but no one could confirm if anything was actually the case with these carts. I'm wondering where your info comes from?
To the topic at hand, yes, I very much value a mono switch, as well as the L or R to both speakers switch, which can also help with playing older mono records where one groovewall may be in better shape than the other. But the latter feature seems to have just about disappeared altogether (my PV-8, which I don't use anymore but won't sell, has this). Bignerd100's account is the first explanation of what a channel reverse switch is good for that I've seen, other than diagnostics. The mono and channel-select features should be incorporated in standalone phonostages, because you don't really need them for digital sources, and so many linestages omit them.
Another feature of yore I'd also like to see brought back in phonostages is a variable cross-feed control (AKA stereo blend), to help with those early-stereo pop, rock and jazz records that suffer from the unnatural "drums in one channel, guitar in the other" hard-panning syndrome, common in the 60's. If you completely mono these records, some will result in excessive phase cancellations in the mids and/or HF, but a progressive separation control could help with imaging/center-fill while still maintaining acceptable frequency response.