It's all about buying "pre-ban" and "post-ban". If it was sold here before the federal assault weapons ban of 1994 you can legally own a full-auto rifle. Some of mine are registered as "pre-ban" rifles (per the serial number) and are full-auto.
As to the one round at a time thing.....it all depends on where you shoot. I myself am a member of the DSC (
http://www.d-s-c.org/index.html ) and can fire full-auto, or rapid-fire (semi-auto as fast as you can pull the trigger) on the range on special days. There are also a number of ranges that let you fire whatever you want as long as it's legal, Target sports on Woodward comes to mind. (
http://www.targetsportshooting.com/ ) They'll even let you rent a full-auto MP5 to shoot at their range!
The only real "gun law" in Michigan that I disagree with is the mandatory 30" rule. Basically, any gun less than 30 inches has to be classified as a handgun. I almost bought a real nice CZ-58 over the weekend, but I didn't have my handgun paperwork with me, or my CCW license. Being as a sidefolder CZ-58 is 29 1/2 inches.....no sale from a reputable dealer. Not his fault at all, just a stupid law on the state's behalf.
Honestly.....Michigan laws aren't that bad compared to some states.