For night diving, it makes my post processing easier. The contrast is better and more balanced, with reduced hot spot, but I have far from the ideal lighting. Each shot does take a while to record to the card though, so it would be difficult with moving subjects. I've only used it for one dive so far.
The photos seem to stack automatically when you take the shot. They don't appear as different images in either the Olympus software or Lightroom, so I think the camera uses the stacking to extract better lighting of the shot overall. From this perspective it does seem to improve the lighting dynamics across the shot.
I want to get a decent light this year for my rig and I'll continue to work on the different modes and better familiarity with the camera, so I can change modes more easily in the water, especially at night where I can't see the buttons.