I built a couple of MSs a few years ago, played around a bit with 'em on the 3SGTE.
The good: Open Source (well, sort of, you're allowed to change it but B&G own it and your changes, and it's only licensed to run on B&G hardware).
The bad: Open Source. Developed by committee.
I haven't played with their MSIII hardware, so I can't comment. But at the end of the day, my opinion is it's for those who want a hobby or otherwise value their time less than their cash.
Then again, my opinion of the PFC is it's an out-of-date low-end EMS that is packaged very well. It's easy, it owns 99+% of the 1ZZ/2ZZ Toyota market. There are more capable systems for what is now several hundreds of dollars less. Packaging them up nice and tidy like the PFC is a time-consuming and expensive proposition, and probably not worth it.
If you want to look at an MS competitor, check out DIYefi.org. Open source software and hardware.