Second, "one next action is better than none" is a false dilemma. Limiting oneself to one next action per project is not only arbitrary, inefficient, and a bad practice regardless of whether one adheres to GTD; it's also totally unnecessary. Whether using paper or a digital tool, one can easily record multiple next actions for projects where it makes sense.
Srinarasimha Katte, if you are finding it cumbersome to enter projects and next actions into MLO, I would suggest trying a simpler system. It doesn't have to be paper. Wunderlist, for example, is a very good cloud-based task manager that is ideal for GTD. You can easily group actions by context with it, it allows but does not force due dates, and you can add notes and even attach files to list entries. It's not the only alternative but it's worth checking out.
I happen to use Evernote. You can easily create a nice, streamlined GTD system using it.
Toodledo is also a decent alternative. There are others, including I'm sure ones I'm not even personally aware of.
In any event, the key is to choose and stick with a tool you can use to the point where it becomes nearly as automatic as breathing. I've found DA's advice to be correct: if I have to think too hard about how to enter something into my system I get lazy about doing it and the whole thing falls apart.