Sony puts the mode dial on the left shoulder of the camera. It's a good location, since it frees up the right side for controls better operated by that hand. That said, I'm not sure the D-Range Optimizer button is the best choice for that spot, though you really couldn't put any button/dial combo button there as long as the dial needs to be operated by your forefinger.
In addition to the typical PASM modes and a couple of auto modes, the mode dial has a new Tele-Zoom high-speed shooting mode, which is just a digitally zoomed 8-megapixel 7fps burst mode; 3D and Sweep panoramas; and a handful of scene and special effects modes.