All the program does is jam the midi through a soundfont. I had a program that could do 8-Bit, SPC700, or Genesis sound on midis. A midi is just a set of instructions that mean nothing without a soundset. The set used by Microsoft is just the most common on computers. That's why when you listen to a MIDI on your computer, and then on your cell phone or something, they sound a bit different.
Whereas an mp3 is a waveform that contains the audio data as well as how to play it, and wouldn't work in a soundfont emulator.
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