解$: (1) M≥ N,$理由:
∵$M - N=\frac {x + 1}{2}-\frac {2x}{x + 1}=\frac {(x + 1)^2 - 4x}{2(x + 1)}=\frac {(x - 1)^2}{2(x + 1)},$
又∵$x>0,$
∴$x + 1>0,$$(x - 1)^2≥0。$
∴$\frac {(x - 1)^2}{2(x + 1)}≥0。$
∴$M - N≥0。$
∴$M≥ N。$
$ (2) y=\frac {2}{M}+N=\frac {2}{\frac {x + 1}{2}}+\frac {2x}{x + 1}=\frac {4}{x + 1}+\frac {2x}{x + 1}=\frac {2(x + 1)+2}{x + 1}=2+\frac {2}{x + 1},$
∵$x,y$均为整数,
∴$x + 1$是$2$的因数。
∴$x + 1=\pm 1,\pm 2,$
$ $对应的$y$的值为$y=2 + 2=4$或$y=2+(-2)=0$或$y=2 + 1=3$或$y=2 - 1=1。$
∴$y$的整数值为$4,0,3,1。$