My understanding is that the M series (M5, M9, M13) has all of the effects from the DL4, MM4, DM4, and FM4 at the same 24bit quality as the original boxes. I'm pretty sure they just shrinkwrapped all of those boxes into the M units and added a few extra bells and whistles.
Also, there's no editor unfortunately. Been asking for one since the M13 was released.