So I'm going to reply again. (Sorry for the earlier rushed reply...)
Would not a conflated channel allow for events to get dropped, effectively, in some cases? I can see why you'd want only the _last_ navigation event to protect against the observer trying to navigate twice.
I had it in my head that events are important enough to not be dropped, even navigation events - as problematic as it may be for the observer to handle. There might use cases where it makes sense to receive both navigation events.
Having said that, I can only think of really contrived examples, say starting two activities back to back. So maybe in the general case it does make sense. It would certainly be a problem to receive two back to back events for some types of fragment navigation, or navigation components.