Cuts, with Merzbow and Pandi, is a fantastic record. I listened in detail to the whole thing again last night. Mats is mainly on electronica, though I imagine it is the Japanese number one who contributes the real substance. I love this record and wish there were more like it - or I wish I knew what else there is like it....
Edit: this post is by way of a contribution to the topic of MG's electronica.
PS - I have never heard Swedish Azz, by way of comparison. Mats' only other project I know is Splatter, where Marhaug is in sole charge of noise, IIRC.