MEGA is a really convenient program for editing and getting a feel for sequence data. The latest version has incorporated tests among models of sequence evolution and also phylogenetic likelihood searches. Both of these are surprisingly rapid in comparison with other programs (partly because they are easy to implement in an analysis pipeline of alignment, annotation and trimming).
MEGA5 ranks models using the Bayesian Information Criterion (BIC) and automatically adds the parameter estimates for the best model as defaults for a likelihood search. Tamura et al. 2011 MBE 28: 2731-9 doi:10.1093/molbev/msr121 give some details of implementation, checks and comparisons with other programs. However, I am not seeing many papers where these features are used and I have heard some non-specific criticisms of the results (for example, that the optimal model chosen by jmodeltest and other programs differs from that chosen by MEGA5 - probably due to ranking by BIC rather than the Akaike criterion, which Tamura et al. 2011 find leads to overparameterized models). They have also cut some corners in likelihood searching that yields drastically reduced search times. For example, Close Neighbour Interchange (CNI) is the most severe tree changing algorithm, rather than the more drastic SPR or TBR, and they reject large steps in branch lengths between successive candidate trees.
If these improvements in efficiency are robust then this is very useful but are there some traps for the unwary in these conveniences?