This is an interesting exercise. Most of us seem to feel a certain unease about this installation, but can't quite find anything in the code that absolutely prohibits it.
The objection that seems to have the most validity involves the jumpers between the two MLO panels.
If for the time being, we assume the OCPD feeding the conductors coming to the MLO panels is properly protected, what happens if ALL the current flows through just one of the MLO panels, and it is 400 A.
If the two parallel conductors are exactly the same length, we would have a current division between those two conductors of 200A each. However, the jumpers add a slight, maybe negligible, amount of resistance to the current path for one set of conductors, meaning there is a slight imbalance in current flow between the two conductors. In the real world, this is no different than the difference in current flow that results from having the two parallel paths not being exactly equal, since it is near impossible to make them exactly equal.
Would it make a difference in your thinking if the jumpers were made so they could handle the full 400A load?
As a practical matter, I did some calculations to determine just what might be the situation if all 400A went to just one MLO panel.
3/0 has a dc resistance of .0766 ohms/1000 ft according to the NEC.
I made a little chart
The first column is the length in feet of the parallel conductors
The second column is the length of the jumpers
The third is the resistance of the parallel conductors
The fourth is the resistance of the jumpers
The last two columns are the current division between the sets of conductors
(For reasons that are not evident, the forum removes extra white space and formatting so inserting a table is near impossible)
100 05 0.00766 0.008043 204.8780488 195.1219512
100 10 0.00766 0.008426 209.5238095 190.4761905
200 05 0.01532 0.015703 202.4691358 197.5308642
200 10 0.01532 0.016086 204.8780488 195.1219512
300 05 0.02298 0.023363 201.6528926 198.3471074
300 10 0.02298 0.023746 203.2786885 196.7213115
As you can see, there is some uneven current distribution.
If one were to double up the jumpers it comes out like this:
100 05 0.00766 0.0078515 202.4691358 197.5308642
100 10 0.00766 0.0080430 204.8780488 195.1219512
200 05 0.01532 0.0155115 201.2422360 198.757764
200 10 0.01532 0.0157030 202.4691358 197.5308642
300 05 0.02298 0.0231715 200.8298755 199.1701245
300 10 0.02298 0.0233630 201.6528926 198.3471074
I am not convinced either situation presents a serious hazard, but one could make a pretty convincing argument that the current draw in worst cases would not be the same on both sets of parallel conductors. The code does not seem to require equal current division between parallel conductors however, so I am not sure it would be an enforceable observation.