A MPL only involves around 70 hours of flying in an aircraft, and the rest in approved flight training device, or full flight simulators.
The type rating and instrument rating is part of the MPL process, and the MPL also needs a post course professional development. Once the necessary experience is achieved as a co-pilot, the MPL can be converted to a PPL/CPL/ATPL.
The syllabus for a MPL is more in line with the requirements for a co-pilot on a transport category aircraft flying instrument procedures, where a CPL is aimed at a single engine VFR entry level piston job.
Cost wise, Lufthansa are finding the MPL process more expensive than the CPL/IR route, however the pilots at the end are better suited to their new role.