Ok, so after getting the MB2 into a full band situation - with all of my standard gear, I feel like I can adequately review this thing.
I tested it with my '06 Stingray 5, going into an older Avatar B210 and even older B112 (the cool little cube guy). Tweeters were turned all the way up on both.
I started out with EQ flat, and contour at 0 - where the contour will stay for 99% of the time, then worked up the boost to where it felt comfy - ~12'oclock was adequate. Once again, I see myself rarely NOT using the boost channel, at least with my rock/pop band.
After playing a bit, the band came to the conclusion mirroring my earlier assessment, and that of many others here, that there was too much low end coming through.
After slightly tweaking down the bass and low-mids, the sound became more focused and everybody else seemed pleased with the tone and how it was fitting in the mix.
I however, was more than just pleased - after A/Bing it a few times with my 700RB-I I came to the conclusion that I actually liked the sound of the MB2 better. It seemed fuller coming through my Avatars, though at the same time had more bite and punch. For whatever reason, be it the tweaked boost, more headroom or something else, it just sounded better to me.
From my drummer's viewpoint: "It's punchier, so it cuts through a little better from a rhythm standpoint... so if things are on, it's going to sound better, but at the same time rhythmic mistakes will also be more pronounced. Plus I thought it sounded awesome when you were doing slap stuff."
After polling the band after rehearsal, we came to the conclusion that it is a worthy and more convenient replacement for my much loved 700RB - that will shortly be finding a new home since I couldn't stand to see it gathering dust in a closet.
Edit: After looking through the manual again to get a better sense of the "line out" functionality, I realized that the settings that I came to rest upon mirror almost exactly those showed in the manual for "rock", should anybody wish to reproduce them. The only exception is that even with the full band, I never had the need to crank the input level past 9 o'clock with the master fixed at 3 o'clock.