Geri,
We had a demo on strip dies yesterday at our LQS. Two different widths (two different fabrics) were cut and sewn together which make a flange binding.
We also learned how to fold the fabric so it can be cut for bias strips. This is a great time saver!
https://www.youtube.com/watch?v=gueOpCryEj0
They can also cut multiple squares by rotating the cut strips and passing through the machine again. So these could be considered multi-function dies for us.
Enjoy!