Aside from the 12 Volts, it seems that the MR16 is typically used to make things like stars, spinning wheels and other things that are mostly made from 12 Volt LED strips/ribbon that are cut into lengths that are usually not possible with LED/Incandescent 120 Volt AC strings. Also LED rope lights that are 12V can be cut but not as short as flexible ribbon/strips and other DC LED gizmos.
This is where the addiction of this hobby really become apparent and that we are simply not satisfied with simple light strings hooked to the LE, now we have to create our own complicated objects that we can control in ways that are endless
The MR16 opens up a whole new world of ideas by having a more flexible and robust option to our displays. I'm new at this also and this year I'm making the move into the DC LED voltage world in concert with my LE controllers. It's exciting to think now all my free time will be spent creating the magic these guys do on this site. It's amazing...
Correct me if I'm wrong, but the MR16 also will dim LED's just like the LE.