The usecase mentioned in Jesse's talk (linked in my root comment) is displaying a notification from some other app while playing a game. They added the "flip_discard" swapchain effect so that the OS can paint the notification on top of the game content before flipping it in hardware. This is something of a hack; I think you're right that the endgame for this is that the hardware can indeed implement the full compositing stack. I'm not sure how far away we are from this.