I have a forum thread and a couple of Google docs (linked from the thread) that go over the switching idea in the context of barrier energies.
On one hand you can think of it as a nucleotide refolding via a series of small steps from one form to the other. On the other hand you can recognize that *all* (or most) of the intermediate shapes are likely in solution at any given time, based on the relative free-energies of the shapes. Rather than a single nucleotide transforming in a series of successive steps, various shapes are constantly (re)folding and transforming from one shape to another to another, and perhaps back again.
After a while, the in vitro system is in dynamic equilibrium, with roughly as many shapes folding into any given shape over a time interval as out of it. Adding the FMN to the solution, *shifts* the stable point as now some molecules can gain an energy bonus not only from their shape, but by binding with the FMN molecule. That change in the equilibrium state triggers a “switch” in the relative concentrations of the various shapes.
Think of it this way: imagine a rubber sheet with dimples and bulges in a frame (an analog for a set of RNA shapes with various free energies). If you pour water (RNA strands) over it there will be more depth of water over the dimples (more negative free-energy shapes) and less over the bulges (higher-free-energy shapes), but the water (RNA) can still flow around (transform/refold) from one spot (shape) to another. Now push down in one spot making it deeper there. Water will flow around to fill the void until it achieves a new equilibrium with more water over the new deeper dimple. This is like adding FMN to help favor one shape by giving it an energy bonus.
There may be some shapes that are more “stable” than others in that it takes an input of “activation energy” to bump them out of this shape and these may exist in slightly greater abundance for a while, like water flowing down a hillside collects in small ponds.
So over time, any given RNA strand may assume multiple shapes, and at any one time, multiple stands will be in differing shapes, so that there are fractional concentrations of each shape in the solution. The RNAshapes program/web-service shows this fairly well with percentage concentration estimates. RNAsubopt is another program for showing multiple foldings of the same strand; it gives free-energy estimates, but not probabilities.
Folding into a single RNA shape seems to be slightly easier as you can try to find a sequence that strongly prefers one shape with few near-misses energy wise. For switch puzzles, at least so far, there seems to be a slight benefit to having sequences where there are tens of thousands of possible shapes within 9kcal of the minimal free energy. Perhaps that’s because these sequences seem to have more likelihood of unfolding/refolding.
Of course, I’m not a micro-biologist, nor RNA specialist. This explanation is all based on what I have gleaned from the writings and tools of others plus some thought experiments.