I have heard both but not on same day. Overall, my impressions are:
- tweeter: Mpro and Q7mk2 are at the same level. Both better than Q7mk1, not by a small margin
- medium: slight advantage for the Q7mk2 (see reason below, different construction of cabinet and different XO may also play a role?)
- bass: I much prefer the Q7mk2. Bass has less overhang. It stops faster, with the additional benefit you avoid smearing the low medium. But some people may prefer the Mproject (in particular people coming from ported speakers). The Mproject feels like having more bass, the Q7 feels like having tighter crisper bass. Q7mk2 bass is the same as on Mk1: it is for me the perfect bass when accompanied by a Qsub18.
I will confirm that my M-Projects have a lot less overhang than my S5's (and I'm sure that's no surprise even though the bass on the S5's was much better than any ported speaker I've heard) but what IS surprising is that the M's are leaner than the S5's. I was worried about them overwhelming my room but it's the opposite. Now I am thinking about adding a QSub15...