On the right hand side there is a 3 position switch - off / sidelights / headlight. On the left side there is high / low / flash.
Right hand side, note the big yellow slide switch betwixt starter button and indicator paddle:

Apparently, the "euro" switch can be plugged into the NAS (north american spec) machines - the looms are the same but the switch positions on the mutli connector are bypassed.
We have a small additional bulb in or near the headlight - the strip above the headlamp on the RS for example, this is the sidelight (or 'front position lamp', or even 'parking light' if you like that terminology instead) so we have the option of no lights at all, sidelight and tail light, or headlight and tail light.
In areas with street lighting it's legal here to run with just the sidelight at night, it's only on unlit roads within the legally defined 'lighting up times' (which are different every day and referenced to local sunset and sunrise times --
http://en.wikipedia.org/wiki/Lighting-up_time ) that a headlamp is mandated.
Of course, that option is pretty much gone if you buy a new UK spec bike - the 'lights off' option isn't on just about everything... I would personally add an off switch if I bought a new bike due to my belief that sometimes no lights are much safer.
And as for using main/high beam in daylight hours - that just annoys the hell out of me. For one thing, the dazzling effect destroys depth and speed perception - is it 10 or 100 yds away doing 15 or 45mph? For a second thing, someone using main beam following you is extremely distracting, especially on uneven roads when all you get is a set of flashing mirrors.
But hey, it seems I'm something of a dinosaur...