here's a review i did in a previous thread about the mx200:
first off, it's a $200 unit, so i'm not expecting anything mind blowing here. i bought the mx200 over the tc m300 because of the vst capabilities (i decided before tc released the m350 which has usb/vst just like the mx200). i have not used this feature yet, and have only used it as a standalone processor.
the unit is clean and not noisey. very transparent and bright sounding. i like that. the reverbs are nice, from short and sweet to huge and dense. the delays are decent, but very "vanilla". i don't use the modulation type effects usually, except for the chorus which is decent as well. all in all, it's solid for basic reverb and delay.
i've been having an issue with midi clocking however. i work in a 100% synthesizer studio, everything driven with cakewalk sonar, everything clocked to be in perfect sync. while the mx-200 does sync up for delays, something isn't right with the way it clocks. it's always catching up and introducing clicks into the delay (similar to what happens if you adjust the delay time while it's clocked). it will play fine for a bit then the delay will get all clicky as it truncates the sample to bring it back in time (i assume this is the same clock problem that causes the tapped tempo to drift). this makes the delay almost useless, and i will not record it this way. i have contacted lexicon support about this twice (via email) and haven't heard back from them at all.
the other sub-par effect on the mx200 is the pitch shifter. it works reasonably well on sustained sounds, but if you try running drums through it (as i like to fatten up the sound a bit) or any short transient sound even, the algorithm chokes and gives you a clicky, slapback mess (what's with that nasty latency???) it's completely useless on drums, downright terrible even.
the only other complaint i have about the unit thus far is the data values for things like delay time. you have to refer to a table to select delay timing when sync'd to midi, where 13 = 1/8th notes etc etc. really lame. no one wants to consult a conversion table every time they want to sync a delay. i'd be willing to convert milliseconds to note/bpm values too but alas, the mx200 is completely tap based.
overall, i'd be satisfied with the purchase if it weren't for the clicking on the delays. i probably won't get rid of it any time soon, but i think i'll try
the tc m350 soon and if it's better i'll say byebye to the m200 without hesitation.