Mike has updated his blog with a post on his MPC, but he's included a video you can view here as well.
"A few of you have asked about my process when it comes to making beats. I don't really have a "process," but I currently have been doing a lot on my MPC, so I figured I'd throw a little demo together. I tend to try to combine gear to get a cool sound. In this one, all the gear I used was pretty basic and reasonably-priced; simple stuff you can buy at Guitar Center or whatever. Enjoy.
PS: I'm growing my hair out. I know it looks awesome right now. I think it's exactly the same haircut I had in elementary school."
Astat mentioned in a comment that "MPCs were used for a lot of the sample-based stuff on Hybrid Theory and Meteora actually, they just moved away from that somewhat on Minutes to Midnight. I remember Mike mentioning once that the majority of My December was written/recorded on an MPC." Cool!
I think he could do a lot of amazing instrumental stuff with it...
