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The Mega Bloks version of Spongebob and Squidward's houses is smaller and simpler than its LEGO counterparts #3837, #3834, and #3818, but the exterior is arguably a lot more authentic. The molded, opening porthole windows on both houses feel more accurate than the printed and brick-built ones in the LEGO versions, and the straight slopes of Squidward's house and smooth curves of Spongebob's feel more accurate than the uneven slopes and hinges of their LEGO counterparts. The interiors of 3818 and 3834 both have a clear advantage over both the Mega Bloks version and 3837, with Spongebob's bed, pictures of both Gary and Patrick, and Squidward's clarinet and art studio, though the Mega Bloks version is the only one to include Squidward's bathtub, a common fixture in the show.
The Mega Bloks Buildable SpongeBob set is stronger than LEGO #3826 in some ways and weaker in others. The mouth of the Mega Bloks version is a great improvement since it is brick-built rather than a sticker. His hands seem superior to the LEGO version's and he has more props like his fry cook hat, jellyfish net, and Krabby Patty. But the Mega Bloks version's eyes are terribly off-model compared to the LEGO version — too small and too far apart. Neither version really fully captures the character's spongy texture. I'd call that comparison a draw.
I think as an old-school SpongeBob fan I'm inclined to give LEGO the advantage in terms of variety of subject matter, in spite of its repetition over the years. The LEGO range includes an abundance of distinctive show settings and vehicles that do not appear in the Mega Bloks range like Sandy's rocket, the Bikini Bottom bus, Mrs. Puff's Boating School, the hospital, the Chum Bucket, and the Flying Dutchman. The Mega Bloks range does include the only depiction of the Invisible Boat-Mobile, though it can't really be judged on its authenticity since in the show it is, of course, invisible. Mega Bloks also includes sets based on "Sponge Out Of Water", but I haven't seen that so I can't really judge them on their authenticity and am not really interested in them anyway.
On the other hand, Mega Bloks's characters are more varied, authentic, and customizable than the LEGO versions due to their greater use of specialized parts. I got the Mega Bloks SpongeBob exclusive figure at a TRU building event, so I can attest that the quality of the figure itself was quite good, although the clutch power of the accessories like the top hat and cane left something to be desired. Mega Bloks sold way more low-priced SpongeBob figure packs and vignettes than LEGO did, which indicates that the characters were a big focus for them. LEGO might have benefited in some ways from a similar approach, since the characters of SpongeBob SquarePants tend to be far more iconic, memorable, and "toyetic" than its settings. Then again, LEGO as a whole tends to emphasize building to a greater extent than Mega Bloks.
Honestly, both the LEGO and Mega Bloks ranges seem alright. However, I am not a big enough SpongeBob fan that I'd feel inclined to collect either brand's SpongeBob sets post-retirement. I would not mind one bit if LEGO re-acquired the SpongeBob SquarePants license, and I imagine they'd do a good job with it. But speaking honestly I would probably not collect the new sets, since SpongeBob SquarePants as a brand doesn't excite me anywhere near as much as it did ten years ago (and since I've pretty much always been more drawn to the LEGO Group's in-house IPs than their licensed ones anyhow)
Frankly, the MB sets are better compared to the Imaginext Fisher Price playsets.