New Version - Backup Agent 7.2 for Windows I guess I am not exactly clear on what you are asking - maybe the question relates to some missing options in scheduling when compared to the old format like # of days between full backups. The new backup format allows you to schedule the Incremental backups and then optionally set the Full backup schedule - which is synthetic, if supported. Yes, it's true that Full scheduling options are currently limited to specific days of the week or a specific day of the month (e.g. Second Tuesday of every Month). There is already a request to have this part enhanced to allow you to put in a number of weeks or a number of days between full backups to make it more like the legacy backup format option.
The new backup format uses deduplication to make backups run more quickly. Synthetic fulls also run substantially faster than traditional full backups. But your assessment about full backup storage is correct. After the synthetic full is complete, you have the equivalent of a full backup in storage. It just took a lot less time to create than the previous format.