Little semantic error: You don't get more than 64 steps. The tempo of the steps is just slower. This will turn the 64 steps with 1/8th = 8 bars. Instead of the default 64 x 16th = 4 bars
What do you mean with mono? It has stereo outputs. Beside that, Elektron are one of the best live performance units I played with. You get hell of a lot for that money. Wonder, what you would buy for less money that offers similar features.