What is the purpose of the -m switch?

Could you explain to me what the difference is between calling

python -m mymod1 mymod2.py args

and

python mymod1.py mymod2.py args

It seems in both cases mymod1.py is called and sys.argv is

['mymod1.py', 'mymod2.py', 'args']

So what is the -m switch for?