A few people have asked for a way to use each channel of the controller as a separate dimmer device. You currently can do it within the device handler itself, and through CoRE.
To make it easier, I have created a new SmartApp. This SmartApp makes the process a piece of cake. It creates 5 virtual dimmers (R,G,B,W1,W2), and keeps them in sync with the selected SmartLife RGBW controller. These dimmers can be used throughout the SmartThings ecosystem as regular dimmers. Now it is extremely easy to use one of these controllers and have up to 5 separate LED strips on them.