There's certainly pros and cons to the FilterFactory. Pros are that it's rackable and MIDI controllable and has built in LFO which is great. Cons are that there's no OUTPUT LEVEL control and it's seemingly less thick and loud in the extremely low filter frequencies compared to the Moog LPF. The OUTPUT LEVEL comes into play as the Resonance directly affects the output level. So if you want less resonance, you lose output volume. Increase resonace, output level increases thanks to the resonant peaking. However, the Moog has an overall output drop that I had to boost with my LS-2 level controls, but I don't recall there being such a spike in volume when using the Moog resonance below oscilation.
The FilterFactory seems to have a lot more scope in the mid/high range than the Moog as you can really bump the Resonance up and get some controllable screeching bumps in frequency. I'm going to experiment with pushing some more low end via EQ to the FilterFactory to see if I can compensate for the lack of volume against lows in the frequency sweep.
The LFO section seems intersting, but honestly I have no experience with LFO controlled filters so it'll take me a while to figure out some applications. But you can roll the Frequency down, set the LFO to inverse Saw, and play with resonance/depth to produce some bass drum pulse sounds. Square LFO seems to provide a sound similar to a hard tremolo though I haven't A-B'ed Square VS Trem to see what kind of audible differences there may be. I can see Env Follower being used to provide some auto-Q type funky auto-sweeps but I haven't played with it enough to see if you can really tame the sweep range via playing technique or not as the sweep seems pretty wide. Maybe some limiting in front of it would let you be able to tune it more to a usable attack-based auto-LPF by keeping it from sweeping super high. More experimentation is needed. Too many damn features!
As far as the MIDI capabilities of the FilterFactory, they physically exist and work. However, since you have to control EVERYTHING via CC (no program changes since there's no presets available) it makes finding a MIDI controller that can fully control all of the various settings extremely difficult. For example, the Behringer FCB1010 can only control a max of FOUR CCs. Two static values via foot buttons (could be used for Tap Tempo and probably any of the Engage switches assuming the CC toggles them on/off instead of requiring a hi/low range to be sent), and two sweepable values via the two expressions. And you have to set the MIDI CHANNEL (device) to a GLOBAL value meaning whatever MIDI Channel you assign to each of those four CC settings is GLOBAL for every single patch on the FCB1010. If you're going to use the FilterFactory purely as a manually controlled LPF what I found is using one of the Relay Switches via 1/4" cable to the Foot Pedal jack on the Filter Factory to manually control Bypass On/Off. Then permanently assign one of the Expressions to CC5 on the Filter Factory to control the sweep. That still leaves a single CC foot button and one Expression on the FCB1010 free to be assignable to your other MIDI devices.
Just sharing my thoughts as I continue to experiment with the FilterFactory. The "problem" with devices with so many features is there are so many features you have to learn. Add the MIDI and now you have to marry your controller to the device successfully.
In contrast the Moog is much more plug-and-play. However, I think it has it's own pros/cons. The cons being that it's huge once you add up all the related equipment on your pedal board needed to run it successfully, needs a dedicated expression (which I'm doing via the FCB1010 anyway), and has such a terrible bypass you need to stick it in it's own bypass loop which I used my LS-2 for which eats more board space, plus a bunch more cabling.
If I was picking purely based on my experience thus far I'd vote for the Moog. The sound is there once you stick it in a bypass loop. And it's super easy to use. Price is probably about the same for a new Moog + Expression + Bypass + Cabling VS used FilterFactory + MIDI Controller + Cabling. I probably have $300 into the FilterFactory + FCB1010 + cables. The Moog retail (super hard to find used) surpasses that if you figure in the cost of a LS-2.
Pros and Cons, like everything else in life.