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What I can tell you is that the Demeter is amazing. It's super quiet, it doesn't "color" your tone, and there's no high or low end signal loss. It's just an incredible compressor. I've had mine for eight years nowI've used it in the studio (it's normally unheard of to use a pedal in the studio...), and on stage. It's always on. I haven't found anything that even comes close, and I've owned several other brands, and checked out many others.
Demeter is a pleasure to deal with tootheir customer service is fantastic.
I can't say enough good things about the Compulator... check it out, you won't be sorry.
Hmmm, for the price is it that much better?
Well, that depends entirely on what you want from your compressor. I've never tried the MXR, so I can't say anything about it.
I used a Boss CS-2 for years, and was quite happy with it, despite the fact that it was quite noisy and added a very distinct "squash" to my sound. It changed the tone of my bass pretty significantly, but I quite liked it at the time.
In my opinion, the Demeter is worth every penny.
The MXR "Custom Comp" is just a slightly fancy version of their Dynacomp, which is not well suited to bass. It loses some lows, does not handle big low end peaks well, and is meant more for adding sustain to a guitar. It "will work" on bass, but it doesn't really belong in the comparison.
The Compulator is well established as very suitable for bass. There are several other options to look at that bear consideration vs the Compulator. Just look at the many threads here on the subject, and check out the links in my sig.