"which would make the files appear to be owned by m.x and would create new files as n.y."
The usefulness of this makes is more obvious when you realize that m and x are user-visible uids/gids, and n and y are on-disk uids/gids -- different namespaces entirely. That is, if user geofft on my current system is uid 1001, and I'm mounting my laptop's root partition where user geofft is 1000, then I should mount with uid=1001:1000 so that everything appears owned by me now, but also so that anything new remains owned by me when I put the disk back into my laptop. 1001 is from the host's /etc/passwd, 1000 from the target's.