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Movable Type 2.51 is finally out (changelog is here). And I'm happy to say it includes a new <MTElse> tag for any conditional tag (whether it comes with MT or is provided through a plugin). Here's the MT documentation for the new tag:

You can use <MTElse> tag to supply an ``else'' condition for any conditional tag. That is, generally any tag with If in its name (for example, <MTEntryIfExtended>). <MTElse> is a container tag whose contents will be displayed if the condition is not met. The <MTElse> container should be placed within the container of the conditional tag for which it is providing the ``else'' condition.

And here's an example of how you'd use it (also from the MT user manual):

<MTEntryIfExtended>
  This entry has an extended body.
<MTElse>
  This entry does not have an extended body.
</MTElse>
</MTEntryIfExtended>