It has inherited two synth engines from its bigger brother, the Montage. The AWM2 engine is a subtractive synthesizer that works with samples instead of simple waves. This type of synthesis often attracts derogatory comments in the hardcore synth (the term used is "rompler") circles but the quality of this engine in Yamaha's top synthesizers has been insane. The synthesizer is worth its weight in gold just for the AWM2 which is supported by very high quality samples and waveforms.
It would require a very lengthy article just to explain what AWM2 does (see here for a guide to subtractive synthesis using AWM2 by Yamaha), the simple end result is that you have in your arsenal an wide array of instruments, ranging from highly realistic acoustic emulations to complex synthesized sounds, with up to eight parts, with each part controlling eight elements in any way possible to imagine as a synthesist.
This can get extremely complicated and require deep menu-diving to create and alter the sound using all these features (it would be impossible to have something this detailed and deep with a 'knob-per-function' approach) but the beautiful thing about this interface is that even from the first day you can play beautiful sounds, alter them at a superficial level which is adequate to express yourself and start delving deeper as you go.
The second engine is a typical FM engine. Gone are the days that you had to create your sounds in the poor interface of a DX7 or even a SY77/99. FM synthesis is very interactive and getting into its detail with the big screen and sliders is very nice and also highly customizable and expressive while playing, since you can assign any operator/carrier to a knob or pedal. FM synthesis is complex and Yamaha has a great guide here.
However, I wouldn't consider that the MODX has a competitive advantage compared to other FM synths in the market. FM synthesizers have gone a long way and there are other excellent options in this realm as well. Regardless, MODX (and Montage) remain at the forefront of FM synthesis.
So, with the MODX you are getting most of the features (if not all) of the much more expensive Montage. Is there a catch? Not really, from my perspective. It is a far superior "value for money" proposition. However, there are areas that the Montage is a much better instrument and, if you can afford it, it is definitely worth considering.
The quality of the keybed is far better on the Montage. The MODX keybed has attracted criticism for its quality and its lack of aftertouch. It does feel a lot "cheaper" than the Montage and other premium synthesizers but I have always found it very expressive. Regardless, I would definitely prefer the Montage any day. Also, the MODX has less than half the sliders, knobs and buttons on the panel which limits the ability to adjust it while playing. It is hard to imagine that the cost would have skyrocketed if they added the same number of sliders and knobs (which are much cheaper on the MODX - e.g. no lighting) but Yamaha wanted to make sure that there is no confusion about which one is their top synthesizer. One the brighter side, the MODX is significantly lighter which would be welcome by gigging musicians (I am not one) but irrelevant for studio work (which I do).
Overall, if money was not an issue, I would have gone for the Montage but I cannot justify the purchase for my use case.
The only part of the MODX that is actually subpar compared to the competition is the sequencer. It is still a very useful feature, especially since MODX can act as an audio and midi interface to control other instruments, but when you see what the Roland Fantom can do, you understand why I don't want to call it a "workstation", while the Fantom totally deserves to be called one. Interestingly, the Montage is not better but identical in this respect. However, I would prefer the MODX/Montage over the Fantom just for the quality of the AWM2 engine, since I use my laptop as a workstation and cannot imagine that changing if I had a Fantom (which seems very attractive though, especially after the EX upgrade).
All the above has not even scratched the surface of what a massive instrument like the MODX can do. It has opened a whole new musical and sonic world to me and this is not an exaggeration.
Am I thinking about getting an upgrade? Yes, especially after Yamaha released the new Montage-M. I had the opportunity to try the M8x and left with mixed feelings and thoughts. It is a far better instrument than the already excellent MODX and worth every single extra dollar you'd pay for it. I wouldn't say that for the original Montage as the MODX provides 90% of what you'd get for about half the price. The Montage-M is three times the price and is worth it just for the interface. I won't get into detail because I have only used the M8x for a very limited time at a store that they were kind enough to tolerate my presence for some time. But I'd say that it is a different experience of the same engines like the MODX. It also has a whole new ANX virtual analogue engine and the AWM2 is upgraded with 128 elements per part, while the previous was "just" 8/part which I already found massive. There are also other advantages, like the software plugin.
I was seriously thinking about getting it but what is holding me is the high price, albeit reasonable for what it offers, the fact that MODX already covers a lot of common ground and perhaps, if I wait a bit for a Korg Kronos replacement, I will be getting all the additional features of the Korg flagship plus maintain most of Yamaha's offering with the MODX with minimal overlap. I am not considering the Fantom that much, another incredible synth workstation, because its USB/midi is not class compliant, which is important for my setup. Who knows? Eventually, I may stick with the MODX which is the instrument that has exceeded, not only my expectations, but also my dreams of what an instrument can do.
Once I have made up my mind, I will provide an update. Therefore, watch this space 🙂