Preston,
everything is comparative with what you've been using. I've been using fairly small umbrellas (2) and while the PLM is more focused, it also gives a wider spread than a single umbrella that I've been using (42"). So, it is both more focused and provides wider coverage. And, frankly, I don't see the "quick falloff". It fades but not more than a stop from center to outer periphery before you get the edge falloff. Again, compared to a single 42" silver umbrella, the falloff is not radical but gradual and easily compensated for in PS. This is all at my normal working distance of 8 - 10 feet.

Keep in mind that how the PLM works is a function of how close you place it to your light source. So my results might be different than yours but I probably have the PLM set up closer to the strobe than you.

Jim