I suppose as long as the lugs on the Main Breaker and the Neutral and EGC Lugs are rated for the size of wire used, it still offers a convenient "bus disconnect" and the 22KAIC protection.
Plus, like here, a 200A 30 or 40 space MLO may be actually more expensive and require a special order!
Not a code violation, but my PoCo requirements would want the straps on the mast within 12" of the meterbase (minimum 30" spacing and within 12" of the weather head).
[This message has been edited by sparky66wv (edited 09-16-2002).]