"essentially saw nothing which is what I expected."

Dan, sure? I didn't try your file, but when I dropped mine it gave me a pop up menu asking which track I want to place it on. It places track just fine but it doesn't transpose to the chords on the chord sheet.

I guess using melodic midi loops is not possible BIAB.. Strange is that they went through the trouble of allowing ACID loop playback, but no MIDI loop support.