I use MT for all of my cars. I suggest finding the rev limiter, and then when you drive, go all the way to it, but shift before you hit it ofcourse. And you need to know the powerband of the car, so that lets say you're driving the SLK, towards the redline the power drops, so you need to shift before you get to the point where the power drops. And with virtually all of the hondas, you will need to take the RPMs all the way up to get the power, and keep it that way.
As far as engine braking, it's the same as the Auto trans(cause we all know that Polyphony did a less then acceptable job with the auto, no matter how much you are on the gas, it still is at high revs for no reason, and it doesn't downshift till you really slow down...it's really a computer controlled auto...), so you just use the brakes like normal, well 1st gear will slow you down if you need it to, but you can't really downshift to slow you down cause it will just pop out of the gear. if you are going slow enough to downshift, then you can slow down a bit, but first gear will slow you down the most(some cars it almost back pedals the drive wheels).
Just play around and you will get good at it.