Of course you can do much more but for me if I want to do something chiptunish is turn to this or to Nanoloop depending on where I want to go- Mikrowave can definitively go much more extreme and have a different flavor.
Update-
version 2.3 :
- added waveshaper option to distortion module
- introduced glitcher effect module
- added option to import / export songs and share across devices
- added option to delete songs (long click on song in the song browser)
- updated UI components
- added track muting and soloing to channels
- added support for multiple CPU architectures for improved audio engine performance
- reduced memory usage
- improved overall graphics rendering performance