I would like to add that the MN20 is very conservatively driven by 2x18650 and may even be very slightly under-driven. I've got well over 30 hours on one of my first MN20s and even over-drove it a few times by accident and it still looks identical to a new MN20. I won't be surprised if I use it past the 40 or 50 hour mark and still not notice any performance degradation.
The MN20's beam is quite different. Its beam is warmer in CCT (more underdriven). Its spill is less bright but its hotspot is significantly larger and as a result does not throw as well. However, this makes it a better close-medium distace bulb than the HO-M3T as the hotspot-to-spill transition is not so sudden and more natural. That means your night vision doesn't get murdered as you would with the HO-M3T at those distances.
By comparion, the HO-M3T's hotspot-to-spill-transition is so sudden that it can sometimes look as though there's a dark ring around the hotspot. The MN20's hotspot however is much more oval, to the extent that outdoors, you'll easily notice when it's not how you want aligned. I like mine horizontal with the horizon in almost any situation. The HO-M3T's is much more round -not perfectly round, but round enough to not really be that noticable outdoors.
Technically, the HO-M3T is a better beam for its rounder hotspot, better throw, higher CCT and brighter spill. However, I still prefer the MN20 for its more natural and well-rounded behaviour. If you have an FM24 diffuser, then I would recommend the HO-M3T for better close to medium-close distances. Hope that helps!
BTW, an MN21 on any 2x18650 is over-driven to the extent that bulb may blow at any time and if not, bulb will go brown much faster as ageing advances much more rapidly.
Also, the LG 2600mAh versions of the 18650 were the best at holding their voltage under 1C or heavier loads, allowing higher CCT for incan bulbs -better than the 2900 or 3100 versions. However, the new 3400 cells are said to be level with the 2600 for those situations and better for most other situations.