Both sounded great and very similar, though the Ibanez Mode seemed to be a little louder/hotter and the MTD just a smidge smoother.
I tried an Ibanez Mode MDM1605 recently and it was a fantastic bass. Weight, balance, neck, playability, tone... all there. I loved the neck on it. A little chunkier/girthier than a pencil-thin Soundgear neck. Super comfy neck. That bass looked like it would be a boat anchor, but it was not. I hear the lower-end Modes are heavier than the higher-end ones. Anyway... I felt like I'd need 2 days alone in a room to figure out what all the knobs do. However, as wonderful as that bass was... it was not for me in my recent quest for a 5-string (which ended with me procuring a preowned, 1995, Japanese-made Aria Avante). The squared-off, flattened back of the Mode's wide upper horn pressed uncomfortably into my sternum when I had my strap where the body hangs most comfortably. I much prefer the skinnier upper horn with rounded contours of Soundgear basses.
Still, I think the Mode/MDM series is one of the BEST lines of basses Ibanez has put out in recent years. I encourage any and all GASers to try one.