well... obviously the note pan, pitch volumes etc are still there. but if you want an echo effect similar to ML4 (echo note effect from music 2000) you have to input the echo yourself (place notes and decrease the volume of each until it fades out).
this is frustrating when making a big riff as it is very time consuming to put echo on each note manually.
so yes he note effects are a big miss...
but everything else is there from music 2000.
i find reversing and cutting up samples is effective for finding different sounds. also low pass filters etc. used properly, can create some awesome sounds.
i use pretty much the same samples i used to use on music 2000 but just experiment and find the right sound by cutting up the sample etc.
also mtvmg2, being on a ps2, has lots more memory and a crisper sound so be adventurous!!