according to the specs page for the MX400 on the Lexicon website, it does operate in quad mono, and dual stereo (and probably one in, two out as well).
I have the MX200 (the MX400 wasn't out yet), and it's a decent unit. I've been thinking about selling my MX200 and upgrading to the MX400. Let me know what you think if you get one.
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