Am I reading this correctly? The effects loop is after the DI? What is the point of that?
I can confirm the Mk1 effects loop is essentially after the DI. The signal is split, one side goes to the DI, and the other side goes to the Send. My guess is the Mk2 is the same, but I can't confirm it.
As far as, "what it is the point." This configuration is not all that unusual. Whether it's good or bad depends on what type of effects you want to run in the loop and what your goals are.
Generally an effects loop runs at line level, so effect pedals are not really suitable because they run at instrument level. The loop is intended for rack effects that operate at line level. So you might run an EQ, compressor, or maybe even a high-end reverb or delay.
With this particular configuration, the effects in the loop will only go to your speaker and not the DI. To me this make perfect sense under many situations. As an audio tech, I don't want to have to reverse engineer all of the processing your are using to get your stage sound, and most of the time reverb and delay should not be used as sweetener on bass.
IMHO signals should be processed separately for different locations and different purposes. The acoustics on stage and in the house are different, so different EQ is required. Your monitoring needs on stage do not precisely match what is required to get your bass to sit properly in the house mix. So different EQ and different amounts of compression are typically required for optimum results at both locations.
In the event it is necessary and appropriate to capture these effects on the DI, you will need to place them before the amp. If this is not suitable, then buy a different amp. There are plenty to choose from.
