I had a chance to try out MT with my new Zed 10fx mixer.
I only did a very short 5 bar recording, as it was all I needed at the moment for testing purposes.
Here is the audio file. I am not completely familiar with sound cloud, so I am sorry if I have embedded the file wrong.
http://soundcloud.com/two-eight/testing-wav
The process was very easy, and went pretty smoothly. There were a couple of small interface issues that I ran into, and a couple little things on the mixer as well, but I think the process was a good start.
I imported a drum loop as per the tutorial in the help area. I used bonjour in Safari to upload the file to a bin. I then imported the 4 bar loop and copied it 5 times. With snap turned on I moved the samples into place. We will call this Drums
I then created a new track and recorded a mono bass track. I used one bar of the drums for a count in. Track name Bass
Next was another mono bass track that would just add some variation. It should have been on guitar, but I was lazy

I then created 3 stereo tracks for effects. I muted the Bass and GTR tracks, and sent the drums back to the mixer via USB. I routed the in from the USB to the "Rec" button rather than the Master buss. This lets me record just the effect, and not the original sounds coming back from MT.
I recorded a plate reverb on track 4.
Using the same method of muting and routing, I added a bass chorus, and a GTR ping-pong delay.
One problem I did run into was that every time you change the effects on the mixer, it resets the TAP information, so the effects fall out of time. Again, the flexibility of the mixer allowed me to remove the effect from the recording buss, and just hear the source coming from the iPad. I could re-Tap in the tempo, rewind the song, and turn up the effect send amount. Problem solved.
Once all 6 tracks were done, I sent a mix down to the cloud.
With the exception of the initial sample, everything you hear in the track was recorded and process with MT Daw, an Ipad, a camera connection kit, and the Zed-10FX.
The Good
+ flexible routing
+ very little latency
+ Very hands on and fun
+ Snap function is handy
+ Moving files in and out of the app is easy.
The Other
- MT DAW has some interface issues that I am sure are being looked at. The pop up menu above the top few tracks gets cut off by the screen. I almost deleted a few tracks trying to rename them.
- The Loop markers kept falling away, and I would have to keep resetting them. It was frustrating on a 5 bar test, I can only imagine what it is like with a 3 minute radio friendly unit shifter.
- The faders and pan were also hard to fine tune. They kept jumping just a bit when I removed my finger.
- Zed 10fx tap tempo keeps changing when selecting a different effect.
I am starting to get excited by the possibilities

Let me know if you have any questions.