I have a Little Marcus 800 and love it. The five band EQ is superb, and the VLE is pretty much the same as the one found on the Litte Mark range (slightly different EQ points).
The Millerizer function is a band pass filter than only passes frequencies between 5 and 12kHz. I find it to be very musical: it just adds a nice treble sheen to the sound IMO.
That said, if I had the choice of a band pass filter or the para eq on the new version of the Marcus, I would choose the latter in a heartbeat.