When it comes to effects I want to use more than one at a time. Although an effect has many parameters, I usually use only a few of them. For example iZotope's Ozone plugin have more than 40 parameters, but I need to change the bypass parameter only.
I think we need a filtered view, containing only the parameters we want to change. So hopefully we dont need to use the scrollbar looking for a parameter in a huge list.

There is an other problem with the effect view. You can find out very quicky if you have MMF with MM Control. Since all effect knobs can be turn around completely, I need visual feedback about the value of the paramteres. When I select the next track the effect rack will show the effects belonging to that track and I cant see what is assigned to the master. This issue is more serious when you play live.
So an always visible panel for master effects could solve this problem.

I think my first suggestion could be useful regardless of using MMF with or without controller.