Right, but M4L does not have a Wasp filter, which is a filter made by making a specific chip do something it was not supposed to do (filter audio).
That, and I just really like patching by plugging in cables with my hands instead of with my mouse or track pad.
Finally, if all you're after is subtle modulation you're better off using M4L as modular is fairly expensive and every extra source of modulation costs money.
I just use mine for analog, which M4L can't do. And for the subtle hiss you get by running electricity through cables. I like hiss.