Good job
I remember Playing the first Punk-o-matic a few years back. The freedom into making punk music was awesome. I was always thinking of when the second one was going to come out. And while I was waiting, I was thinking of how much better can it really be? And then when the second Punk-o-Matic was finally released, it went beyond my expectations. I am in college now using sound editing called Adobe Audition, and this game to me is better to use than a multimedia program that costs over 300 dollars to use. What you have done is too amazing, thank you.
Now, for the problems:
I only found one, and that is the lag. I have seen everyone talk about it so far and it seems its true. It cripples the gameplay when doing a concert. for me it rarely happens, but when it happens, I get screwed for a little bit. I am sure that the flash programing lags no matter what you do, so I understand. I know I have made a few animations and it randomly lags every now and then so I get it.
other than that. solid 10 from me. And my opinion, I believe that this can't get any better, unless you add in more chords to the already ridiculous wide range of choices.