I had no idea about the MM2 until my dealer sent out a note to his customers about Transparent coming out to demonstrate the difference.
So the setup used was Wilson Sophia 2, Rowland 250 monoblocks Ayre Preamp and Ayre CD player, Transparent Power conditioner (lowest model).
We listened to some music with all Ultra with MM technology (Speaker cable, and two balanced runs), and then he switched out the Ultra MM with Ultra MM2 for all cables and we listened again.
Wow, the noise floor dropped so much I heard the artist wrap his knuckles on the body of the acoustic guitar and I didn't hear that at all with the Ultra mm before.
But what was amazing is how the grain (which I didn't notice before until I heard the newer version) in vocals disappeared and also developed more air around the performer (something that my higher end Reference Level cables did way better than Ultra) you hear him change sides on the microphone while singing. I was stunned by the upgrade especially for the lower level Transparent.
I thought the original from XL to MM technology made the transparent cables more natural versus the dynamic. That was a pretty huge jump in musicality, where ultra with MM was now basically better than Reference with XL cabling. I wouldn't say this is huge leap in that way but more of a refinement...
I can't wait to hear the improvements to Reference with MM cables which I want to upgrade to next.