It depends on where you got the 200's.
For example, in a sequence of 10 notes in the middle of the song: (M -> MAX, 3 -> 300, 2 -> 200)
2 M M M M 2 M M M M
is worth more points than
2 M 2 M M M M M M M
You get the same score as other people (that get the same amount of MAX, 200s and 300s) as long you hit at least 4 MAXs in a row after every 200 (so you regain the maximum bonus value as fast as possible). Also getting a 200 near the end of the song gives less score reduction.
Basically, score is divided on Base Score and Bonus Score. They add together to give final score.
Base Score: Max Value is 500,000.
A MAX gives 320 base points, while other judgments give the same as their number. Each note's score is multiplied by a value so they add up to 500,000.
Bonus Score: Max Value is 500,000.
Bonus: A variable that starts as 100, it's max value is 100 (and it's min value is 0).
Each note the Bonus Variable changes:
MAX = +2 Bonus.
300 = +1 Bonus.
200 = -8 Bonus.
100 = -24 Bonus.
50 = -44 Bonus.
MISS = -100 Bonus.
And each note gives a bonus score of it's bonus score value (MAX is still 320) multiplied by SquareRoot(Bonus/100), and multiplied by a value so they add up to 500,000.
MAX = 320 bonus score.
300 = 320 bonus score.
200 = 160 bonus score. (In practice it gives at most 153.4666087)
100 = 80 bonus score. (In practice it gives at most 69.74238310)
50 = 40 bonus score. (In practice it gives at most 29.93325910)
PD: The wiki explains scoring a bit differently, but this is equivalent mathematically and at least for me easier to understand.
