As one of the first MMC projects I undertook, the MMBeeb board was a stepping stone that led much further than I expected. Whilst revisiting it in the light of all the knowledge I've acquired since then I've come to the conclusion that there are some subtle bugs with the original hardware. I'm hoping to contact the originator of the project and see what he thinks. I'll post an update here as soon as I've determined if I'm on the right path. In the mean time enjoy the view:
The revised circuit uses the same standard resistor divider as used on every other MMC interface I've ever made and a 3v3 regulator. That's it. It's not the hardware that makes MMBeeb special though - it's the software. It's a stupendously slick DFS conversion that integrates smoothly into a system. It also works with a second processor, which is an indication of the care and attention to detail that Martin has put into his work. And for the few paltry Great British Pounds that it costs for one of these you'd be crazy not to..!