Currently, MgdDbg is not dynamic and must be tweaked for each version (when new APIs have been exposed, etc.). Additionally, the Events that are registered, are incomplete... Take for example the absent LayerStateManager, and AcSm Events.
Additionally, by making MgdDbg dynamic, it could be used with any vertical application as well (i.e., Civil 3D, etc.), allowing one to monitor, diagnose, debug the native application's Events, Database, Objects, etc. as desired.