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I think they are little harder and also their scoring algorithm always gives you less score. In first MGMAT CAT1, even after just 3 mistakes in quant I got a 46 in quant.
I would agree they are pretty random in terms of scoring accuracy. But I think they are very useful for refining timing just before taking the test. I would say they are the best CATs out there behind GMATPrep. I got a 710 on the real test... can't remember all of my MGMAT scores... click on my profile and look through my posting listings (I don't have that many) to read more about this.
I would agree that MGMAT tests are one of the best after GMATprep.. I would say you can safely assume 30-40 more on the real test than what you get in MGMAT tests.. Again, its a trend and may not work always.