The advantage of the hose is that it is a little easier to install and remove. The drawback is that you still have to pull it across what ever surface, so the reduction of friction is not as much.
With the Mtip, you have a consistant friction all the time, so you can get a little more creative in your climbing.
Then if you go with the Mtip that is made from 'biners then you can install it without feeding the entire rope through the device. This is good if you are tieing a clip to the rope end, or girth hitching a a clip to a splice.