The MT4 has two MIDI In activity LEDs and four MIDI Out activity LEDs, and a programmable Patch Mode that enables for stand-alone use as a MIDI patchbay. Using the included software, up to 32 patch configurations can be stored and are switchable via MIDI Program Change. Patch Mode is indicated by its own LED, as is USB activity.
The MT4 is directly supported in the Logic Audio Mac series and can also be addressed via OMS. How low cost, you ask? $149, Emagic replies.