I was waffling between the Lexicon MPX200 and this TC M300. I had the chance to try them both extensively on various setups in both analog and stereo routing.
They both sound fantastic. Very lush reverbs and no noise that I could hear. I had a guitarist friend of mine playing with the effects. He just about soiled his drawers over the super clean effects. Once he recouperated, I asked him if he would like some reverb added to his sound. "WHAT!?, the reverb isn't even on!?" Yes, this unit sounds that good.
One edge I would give to Lexicon is the independant compressor. With the M300, the compressor is an option of the effects engine, so if you're using the compressor, you can only use compressor+verb. One the MPX200, you can run effects+verb+compressor. Not a biggie for me personally, but it may be important to some.
This unit is proced closer to the MPX110. I believe this unit kills the MPX110 personally, in both functionality, features and sound quality. The 110 is no slouch, and sounds great, however I find the reverbs cleaner on the M300 than they are on the MPX110. The gating is tighter, and more easily defined with precision than on the MPX110.
Different, yet a similar value to the MPX200, and cheaper to boot.
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