Glad to hear you like it! :) The single step behavior is useful if you want to make an LV2 style global that has state behavior. So, your use case of putting an "auto-initialize" in the global would be a good example - but there are more uses. In some sense the LV2 style global acts a little like an "object", and if the behavior of that object depends on what you did to it last, then state behavior can be useful.
The feature was added primarily to facilitate writing functional VIs that simulate the behavior of real objects. Does that make any more sense? cheers! - kevin