I hope you're right, and I hope it's more mature than the Mythbuntu 8.04 implementation. I guess it should be, since they just added diskless support to Myth, and LMCE has apparently had it from the beginning.
No comparison really! LMCE wins that task hands down.
I was a little worried, because 2 of my MD's are based off Shuttle KPC systems. I never could get those to boot diskless under Mythbuntu - it would get halfway through the boot, and then it couldn't find the network adapter. Installing to a harddrive worked flawlessly. Hopefully I won't have the same issue with LMCE. I think I saw someone else post here that they're using the KPC with a Celeron 430 - my exact setup, so that's encouraging.
You could always insert a known good PCI NIC and disable the onboard NIC, if you ran into problems and have a free slot.