Airsoft Outlet NW have been comparing the MadBull and PTS KeyMods:
KeyMod is one of the new viral technologies in modern firearms, and it was replicated in airsoft almost as rapidly as it gained popularity in the AR15 market.
MadBull was the first company with an airsoft KeyMod handguard: the MadBull Noveske NSR free float modular handguards. However, despite the KeyMod appearance, MadBull modified the design slightly to provide for the same QD mounting with a more affordable handguard and rail attachments.
The PTS Syndicate Mega Arms MKM is a complete rifle with a KeyMod handguard, 100% accurate in that the PTS MKM holds true to KeyMod specifications. Here we compare the two modular handguards and test real KeyMod accessory rails on both pieces.
Specifically, KeyMod is designed with a bevel on the backside of the mounting holes and a conical locking nut. The PTS MKM rifle has this built in, even though the additional machining cost is more expensive. MadBull eliminates the rear bevel and uses a flat nut on the accessories. However, that does make the handguards and add-ons cheaper for the player, so it’s not necessarily a bad tradeoff.
https://airsoftoutletnw.wordpress.com/2014/07/11/airsoft-keymod-comparison-pts-v-madbull/