I gots one and I LOVE it! That said, they are not for everyone. They are an acquired taste. You can argue all day long if its a truck or a tractor... Europe uses them all over.
Murican trucks you spend your cash to make them more off road capable. On a mog you spend your dollars to make them more road capable (comfortable). It is loud and very hot in the summer. It is joked that the Mercedes engineers gave you just enough comfort to survive the trip :-).
I have a late model (84) 406 (short wheel base) CASE truck with the optional high speed extra hydraulic system for running backhoes and stuff. CASE had a bunch of modular equipment that went on the back.
For improved comfort there are simple things that can be done to significantly improve things. A 2" cab lift will greatly cool things off and allow you to add more sound deading (factory did this on the later high hp big square cab mogs). I'm also working up a radiator relocation to the side to get all that heat out of the cab underside.
The biggest drawback to most is the speed. Its not slow per se, but it is gearing limited. You can turn up the governor on the IP to 3050 or 3100 (it will run there all day 24/7) and get 55 mph. Add in some 425/75-20 (46") tires on the next change and your around 60. I would have done this but for finding stock 405/70-20s stupid cheap when I needed tires. Kinda wish I had sucked it up and gotten the 425s at the time though. There are fast R&Ps and taller portal gears from the factory but they are expensive (2500-2900 for just the parts), so most do the pump and tires when they need them and be content. The factory used on or the other, Von is adding both. Once you've done tires and pump you will want more oomph. 110 hp aint much. The mog starts slowing on hills. Turbo is your friend.
It should be noted that most of these updates can be found on the later square cab mogs. If you go for the earlier round cab, you either spend a bit more to get one that has already been done or live with what you get (or take your $$$ lumps later).
Buy the most truck you can afford. It is pricey to add features.
All that said, I love mine and drive it to the store, work, ect. Its a hoot and actually drives really well. Someone once said the noise is like riding in a bomber in formation. Its awesome :-). Get it off road and nothing, I mean nothing short of a tracked vehicle, goes like a mog. I spent half a day hauling expensive bus RVs out of a field after a week of heavy rain after a local show. Pulled like a train in soft loam dragging an RV like a sled!
A redone round cab will set you back 25-30k, a fully functional fixer upper like mine (minimal surface rust) will set you back around 20. A square cab will start at 25, but it has a lot of updates that you will spend time and money to fix on a round cab.
For me, its about the challenge of making it better, and in the process, unique to me.
A mog is not for the wall flower... you get lots of attention (thumbs up and honking)... as well as evil stares from the guys with the jacked and stacked 1/2 tons.