Most recreational divers would be hard pressed to tell much difference between a well tuned MK2/R190 and some much "higher end" regs. When I bought mine, I did a test on a training platform and breathed it down to under 300 PSI. It wasn't until I approached 300 that I really noticed it getting harder to breathe. At that pressure, if you're not on the surface, chances are something's wrong and the warning would be welcome.
The real beauty of the MK2 is the indestructable design with one moving part (two if you count the mainspring), and no dynamic o-rings subjected to high pressure. I don't use mine much anymore, but that's because I got interested in older SP regs and now I have too many. I think alot of us that are really fans of particular regs maybe overemphasize the differences in performance. Most divers are not going to tell much difference on comparison and most divers' reactions to regs are pretty subjective; just ask a question like "what's the best breathing reg you've tried" and you're going to get many different answers. I did some air sharing drills with another DM candidate once; she had a G250 that was tuned HORRIBLY. I couldn't believe it was the same reg that I own; she hardly noticed the difference. I also once did some buddy breathing drills with the instructor in my rescue class using my old metal case 109; when we surfaced he wanted to buy it right on the boat....this was an instructor who demo-ed regs from a shop and had tried many high end regs. So everyone's perception is different.
A MK2 is a great first reg; it will work forever and, as suggested, it's an excellent stage reg if you ever go the tech route.