Whenever you accessed the list, you would get an element of type A | B. To use if further, you would need to type case it, pass it to something that wanted A| B or A | B | C etc, or put it through some sort of type cast operator that could give you a Maybe A or a Maybe B. Elm, of course, doesn't do any of those things, so this note is just to say that one could design a language that did. The "win" in this case would be to make it easier to create composite types — e.g., a value, an error, or nothing which isn't really quite the same in usage as either a Maybe (Result e t) or a Result e (Maybe t).
Mark