Hi.
Yes, you're right. Due to the different database structure MP2-Edit did not work with MP 2.1 or higher.
Some parts of it's functionality is included in MP 2.1 Backup & Restore: MP 2.1 Backup & Restore
In the near future MP 2 will get a web- interface where you (aside lots of other things) can edit "wrong" entries in the media library. That's why a "hack" as done by MP2-Edit will no longer necessary then...