I was given the specs tonight for the 1/4" and 1/8" inputs which clarified how they can be used, so I thought I would pass it along. According to the MT manual the 1/8" "mic input" can be activated via the switch on the side of the MT to act as a line input, but according to Steve at M-Audio it only has a headroom of -10dbv where the 1/4" activated as a line input has +4dbv of headroom.
As an example to those who were formally using a Sony D100/M1 and stereo mics, the MT 1/8" "line in" mode is not in the same class as the D100/M1 1/8" "line in" which had +4dbv of headroom. So if you ran line in on the D100/M1 to avoid clipping or brickwalling, your most likely going to have to convert your 1/8" stereo mini plugs over to 1/4" jacks to avoid clipping.
If anyone has anything to add or correct please have at it...
dB-