I'm completely understand where you're coming from. I'm glad you voiced your opinion. I'm also feeling this amp is all hype....and I own one for God's sake!
Your posts are interesting here. Almost like you have something personal against Markbass. The amp is all hype

I don't even know what that means. In our recent A/B/C, etc. of various small amps, including the Epi502, the LMII held up VERY well.
Of course, no single amp will satisfy everyone, but I for one continue to be VERY impressed with the power of the sound, the beautiful functionality of the EQ, and the seemingly wonderful reliability of these heads, given the ton of them that are out there and being pounded on with only one or two problems posted.
Quite frankly, given the early problems with the 502, reliability (along with the rather strange price/performance ratio) is what kept me away from that amp for a while. After experiencing it, it does sound very nice, but the knobs, switches, etc. do not feel as good to me as the Markbass (which doesn't feel as good to me as the Thunderfunk, which in turn doesn't feel as good to me as the Glock!).
The 502 sounds great, but the tone controls are very subtle... it's pretty much a 'one sound amp' to me, and that sound is very good... warm, but still crisp. The features are strange on the amp to me... (channel switching, scoop buttons... all the stuff that most of the players I know don't use). However, the flat setting on channel 2 is sweet.
Both very nice heads. The other thing you need to take into account IMO is the 'mix and match'. I too am not that impressed with the LMII (and most other heads) with the larger HT Bergantino models (HT210, HT210s), etc. The only head that has made me happy with those is the Walter Woods, and it seems the 502 and 902 sound good also. The LMII with the Epi Series I cabs is a thing of beauty to my ear.
Finally, I've grown to love the idea of a deep bass control, combined with a low mid and upper mid EQ knobs. The LMII can get very large in the low end, but mixing the bass and low mid knobs really results in a lot of nice interplay that results in a lot of fine tuning to the low end... from big and wide to Jaco burp. I totally dig that, and the Glock heads and the Carvin B1500 have similar controls. Nice!
Anyway, both cool heads, each having their positives and negatives. Just depends on the cabs you are pairing them with, and the tone you are after IMO and IME.