The MT-2 has its uses; I wouldn't say it's useless. It is used to great effect on a section of Change of Seasons by Dream Theater. That's just ONE SECTION, however. The rest of the tune is a wall of whatever amps he was using at the time.
If you're looking for a good distortion pedal and want to take advantage of the exchange rate, you might wanna look at distortion pedals by:
EH (as mentioned above)
Fulltone
HBE
Damage Control
wow, i didn't know that about dream theater. I'd have figured if you had a wall of mesas behind you you'd use the mesas, but what do I know, lol. EDIT: i guess the tr00ch wanted a different tone or something.
Seconded on the pedals, in particular both the HBE big d (distortion, but can get into overdrive territory) and power screamer (overdrive but has quite a bit of gain so I suspect it'd work quite well even with a solid state amp).
But you have to ask yourself, do you want to run a £125-£150 (maybe a little less in the states) pedal into a £70 amp?
On the plus side, though, if you do get a pedal that good, you wouldn't be needing to change it once you got a new amp (unless by some unlikely coincidence it just plain didn't get along with your new amp).
I dunno, I suppose, you could make cases for either side of the argument.