I've had my MG Head OTL about a week, and even though the right channel is intermittent I have been able to make some observations and measurements.
I think the best sounding option is the transformer output with no feedback. I do not hear any hum and almost no hiss at full volume with stock tubes. The bass is very slightly rolled off, but not bad (I measured -3db at 25 Hz). The measured output impedance is about 12 ohms.
My second choice is the transformer output with feedback. The only advantage here is slightly more bass, and the almost inaudible hiss is gone. The bad news is the loss of imaging.
I know this goes against other's reviews, but I don't like the OTL output. The bass seems to be artifically boosted with my HD-600s. Also, bass notes sound smeared together on music with very fast bass lines. I guess if you want more (boosted) bass, then this output is a good option. I my opinion this output just doesn't sound as good as the transformer output (either with feedback or without). Keep in mind I am only talking about results with my HD-600s.
I think the reason for this is the very high output impedance of the OTL output (I measured about 7K ohms). This may explain the sloppy bass and the bass boost since the HD-600 headphones have almost a 2X increase in impedance at frequencies around 100 Hz. This would cause an increase in voltage to the phones at these frequences. I tried plugging in some Grado phones into the transformer output while listening to my Senns through the OTL output, but didn't hear any improvement. I was hoping that doing this would lower the output impedance of the OTL output enough to make a difference. The measured OTL output impedance dropped to 3.5K (still very high).
One thing that might help is to replace the 100uF electrolytic caps in the OTL output with 2uF film caps. My calculations show that this should not affect the frequency response due to the high output impedance. I previously thought that even 100uF wasn't enough, but I neglected to take the output impedance into account. This may improve the sound, but will probably not fix the bass problems.
I've mentioned this before, but another issue is the loud pop if you plug phones into the OTL output after the amp is powered up. This seems dangerous for the phones. I recommend adding 22K resistors from the OTL outputs to ground to bleed off the capacitor charge.
I would be interested in hearing other opinions.