I bought an MX-121 about a year ago as an upgrade from an MX-119. It has tone controls, however, you really need a video monitor running in order to access them. With a video monitor turned on, you press Menu->Audio Adjust->Tone Controls in order to access them. There has been one firmware update to the MX-121, but it was easy to install over the internet. The Phono section is pretty good (not as good as the older MX-119's). I don't do anything fancy with surround sound, the Dolby Surround works fine for broadcast Over-the-Air TV and the Dolby stuff works fine for all of the BluRay and DVD stuff that I have. The cool thing that I like about the MX-121 is that it has an Internet Radio built in which is pretty good and receives most stations that broadcast in MP3 or WMA. Don't pay any more than $2750 or so for it... Most folks on EBay and Audiogon want >$3000, but this unit just isn't modern enough to demand those prices and home theater controllers lose value very very quickly. There's one for sale brand new from a Mac dealer for $3000 being advertised right now.
As a guy who just watches Blu-Ray/DVD/3D discs through a 5 channel (no subwoofer) system, this unit does everything I need it to. It isn't exceptional by any means, but as a non-videophile, I'm very happy with it.