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[FAQ] More information needed about Multi-function Pins and their Applications in TI Step-down Converters

Other Parts Discussed in Thread: TPS62864, TPS62800, TPS62865

What are the advantages of multi-function pins and how do I best design my application using multi-function pins (VSET/VID for TPS62864/6/8/9,
VSET/MODE for TPS62865/7 and VSEL/MODE for TPS62800/1/2/6/7/8)?