Upon further inspection....
The game is absolutely terrific. I was a diehard fan of POM, and when I saw this on the front page I knew I'd love it. Admittedly the lag issues get the better of me sometimes, but when its not lagging, you've just composed your 3rd song, and you're playing in concert with your custom designed band, all is forgiven.
Seriously though, if this game had NO lag issues it would be PERFECT. The story is mildly entertaining, but the characters are unforgettable. The new complexity in the riffs adds much more to the entire experience, insuring a wider variety of music.
And as much as I love it, I don't think the title Punk-O-Matic quite fits anymore. It should be Rock-O-Matic, LOL, cause I've made some pretty decent metal tracks with the tools you're left.
Also my original complaint about the money and things costing, I take it back. It actually doesn't take too long to build a large cash pile, and after you do that outfitting your band is simple and fun. Lastly the soundtrack, when I first played I thought you had mainstream artist music playing, (other than the theme song of course) but when I checked back on this page I saw that all of them game from original Newgrounds artist. Great finds, but kudos to those artist, those are really professional grade tracks.