I'll have to double check that.. my MODE button just says "Off/On".
My NEC 3D has a "Mode ON/OFF" switch, too. Never noticed it before, but it doesn't seem to do anything particular. With it in either position, I have to reposition for each sync each time I switch to it.
Still a nice monitor. I just wish mine didn't have a minor color issue. (The bottom left has slightly distorted color hue - a strong degauss would probably fix it.)