All that does for me is toggle how many of the 24 are on my screen at one time...
IE, I press X, now it's 3x2, again, 5x3, and again, 6x4. Then, it goes back to 3x2...?
EDIT: Also, where is the setting that lets you see appled textures in the Perspective window like in gmax? All I get are grey objects (they look fine when rendered of course)