Haggar, Good question and I am not sure I have a real answer and I assure you there was no real science involved with this.. Just a bit of background.
I am Exterior design manager at GM Australia (Holden) and a car designer. Now I am in management I am not so hands on with the designs and spend lots of time in meeting rooms trying to avoid death by PowerPoint presentation. I doodle a lot on my note pad during meetings. A few years ago I found myself sketching this board over and over again, single concave up the middle with V either side, it was stuck in my head. So I made the decision , !@#$% it I just have to try one and see what it does. So the blue slalom board Stuart made me shown below was the result.
At first I was mixed about it, seemed no better or worse than than standard V double concave and the more I thought about it the more disadvantages I was conjuring up in my head. However it appeared really fast. The disadvantage I could see was that as you run the concave out between the straps you end up with a spot where the center of the board is flat and that concerned me as I thought the ride may be too harsh. It also meant that if you want to get the rails higher than center-line to help prevent them catching you needed to run higher levels of V on the outer panels than you would if the V ran to center-line. However this does not appear to be an issue as the center concave seems to generate enough lift to compensate for the higher V in the high lift area of the board.
Advantage, the only one so far I see is that the board appears to sit very flat laterally and doesn't seem as sensitive to weight on the rail to trim it. It also goes upwind really well and this could be due to V side panels, not really sure but it trucks upwind.
So the bottom line is that it was an idea I had to try just to see, no real reason other than curiosity. It appears to work, no better , no worse just a bit different. I want to give it another shot with a few refinements. My main issue with the blue board is it is full carbon, super , super stiff and the ride is a bit harsh in the rough water we have at the Northern end of Port Phillip. The design handles the conditions fine and when I put the hammer down it absolutely fly's but it is not a relaxing board to sail due to the really stiff construction. I am not getting any younger!!!so I want a board that is not full carbon on the bottom and a bit more forgiving. Also this new one has more tail rocker and is thinner in the tail to make it a touch easier to turn and more forgiving through the jibes. I have run the concave a little further rearward on this one also to theoretically soften the ride a touch more between the straps. It is overall a touch less racy in it's design and hopefully a bit more cruisy. It should hopefully still be very fast but that was not the overriding objective.
I will keep the blue board for Sandy Point and any other flat water venues I sail at, it is really fast and awesome to sail in flatter water. This board will be in the back of the wagon for sea breeze sails after work at Pookipa or Beaumaris, a bay board.
I have not taken a good look at the monoconcave between the straps on the Fanatic so really can't comment on the why's or maybe's, sorry.
Evan, it is not the board but the awesomness of the person riding it

and those brilliant KA sails I use ( shameless plug!!!)