Yep, I think that is about it. I got a MT1 when they first came out and used it for several years. It worked ok for a low cost bit bucket. It was finicky though -- had to keep the spdif stream on and available from the moment you hit pause-record to when you ended the file, plus the internal battery was generally not robust enough to record a whole show and the MT was particular about when you connected/disconnected the external battery, etc.
Things like that -- to me it wasn't bad in particular, but was finicky and particular about how it needed to be connected, powered, used, etc, so it could be problematic in the field if you weren't careful.
The MT also came out with only 30v phantom available, not the typical (and originally spec'd) 48v, which left a bad taste for many people.
The original MT (not sure about the MTII), was really pretty noisy on the analog inputs, so it was much better suited as a bit bucket behind a UA5 or V3. Unless the MTII fixed these problems, I wouldn't recommend getting it if you plan on running it analog in from a Littlebox or SD MP2 or whatever.