We give a full solution of the following problems concerning the spaces $M_{φ}(X⃗)$: (i) to what extent two functions φ and ψ should be different in order to ensure that $M_{φ}(X⃗) ≠ M_{ψ}(X⃗)$ for any nontrivial Banach couple X⃗; (ii) when an embedding $M_{φ}(X⃗) ⊊ M_{ψ}(X⃗)$ can (or cannot) be dense; (iii) which Banach space can be regarded as an $M_{φ}(X⃗)$-space for some (unknown beforehand) Banach couple X⃗.