OK i have yet to see a side by side comparison of these too and ALOT of people run them well i have them both sitting here and i decided to list the pros and cons of each along with the settings im using.
the test car= Xray 8xb, 5s 5000mah flightpower, 1515 2.5d, spectrum dx 3.0, geared for 42 mph electric brakes
Mod 1 MM:
1.16 firmware
-novak 30mm fan
-cc bec
-16.5v cutoff
-medium startpower
-no punch control (exp. curve at 20-30%)
-60% brake / custom curve
-25% reverse
-5* timing
-no drag brake
MGM 16018-3:
-3.22 firmware
-Car <=I=> (forward and backwards)
-Brake / deceleration hard 1 / 1,3s
-Acceleration 0.26s
-Timing automat
-behavior when battery voltage is low going down reduce RPM
-Battery type 5 Li-pol
-Range of the natural zone 3%
-Automatic correction of neutral No
-Freewheel NO
-automaticbrake in neutral NO
-uses internal bec, and no fan
-pulled a 320.4 amp peak during last run
(ive been playing with the settings on the mgm for 4 hours now and these were the BEST i can come up with for RACING)
Now that you know the setup and settings here is my unbaised opinion since i payed the same price for each of these (mod1 mm new and mgm used) its comparing apples to apples for me.
MGM- well first off the heavy SOB broke the plexiglass mount that metalman made upon landing my 30 foot double, As i expected the temps were awesome only 131 degrees after running a full pack (27-30mins), i like that the bec is built in and it does not need a fan, it is rather big and bulky and i would prefer it to have a sealed case rather than be open on the ends, speaking of which the programming cable is hard to get plugged in and i dont even have big fingers, the throttle control was VERY nice, the starts are just a hair jumpy but anything over 1mph is gravy, now the brakes are another story first off i can not get rid of the delay its only maybe a 1/3 of a second but when coming 40+ down the front straght that 1/3 of a second means alot in how you end up in the corner.....the brakes are also not very progressive either it kinda feels like it has 3 steps in the brakes, as for reverse its useless its so uncontrolable, the thing will pull the back tires off the ground on concrete with the slightest use of reverse.
these are my thoughts so far, i will continue to work on changing the settings on my transmitter to get rid of the delay in the brakes, i do think its plenty raceable as is but it bothers me, the wiring is much neater also due to not having a fan or external bec.
Mod 1 Mamba Max
the CC programing wins hands down, its just flat out simple, i think it has better starting throttle control (can drive a 1/4 mile an hour) around my room and never jitter or jump or nothing it acts like a brushed motor, now on up in the throttle 3/4-full it is kinda like a burst really tends to tear the tires loose coming onto the front straight (the mgm was smoother in the high rpms), The temps are great after a full pack at only 129, keep in mind it has a fan so take it off and it prolly would have been around 150-155, dont think the MM doesnt have a couple of quirks, it has only happened twice but with a fresh pack if you use the brakes within the first 30 seconds - a minute it will shutdown with the over voltage warning flashing

i cant recreate this everytime but its wierd, im guessing it just doesnt like a FULLY charged pack because if you bench run it for 30 seconds its golden, but in its defence the brakes are killer the only thing they dont do better than mechanical brakes is front and rear bias.
thats all i have for now, let me know if you have any suggestions or opinions.
thanks and hope this can help someone.