I use the PadKontrol. My buddy who lives around the corner has the MPD24.
The MPD24 looks more professional, is considerably larger and heavier. It looks like something that should be in a professional studio or on a stage. The backlit screen is very nice and shows quite a bit of data. The pads feel great, and are characteristic of the MPC pads. You feel a soft click when you push them down all the way.
The Korg PadKontrol is smaller, lighter, and very cool looking. It's pads are different from the MPC style pads in that they dont depress the way the MPD pads do. This isn't a bad thing, the pads feel great, and the fact that they light up when you play them actually helps my timing a bit.
IMO this biggest and most important difference is the fact that the MPD24 pads will transmit the aftertouch via Midi where the Korg pads will not. This is important if you are going to be using it to play long orchestral notes and other synth samples with it.
The PK also has a mini-Kaoss pad on it. This thing can be configured to control whatever paramaters you want, but the stock flam and roll settings on some of the drums are great, I love it.
The MPD24 has way more sliders and knobs. If you like configuring these to map to your MIDI application you will want the MPD24. The MPD24 also has MIDI controls for start, stop, and record. This is important if you want to control your recording from the MPD. You can also do this from the PK, but you will need to map some pads to do this.
Overall the MPD24 is a better and more professional unit for all around MIDI control.
I could have taken the PK back to GC and gotten the MPD24, but I chose to stay with the Korg.
The reason? I love the PK pads for certain things. Playing keys and other melodic samples are easier on the PK than on the MPD. You barely have to touch the PK to get it to register a note. If you upload some scenes with scales the PK becomes a great alternative to a keyboard. Chords and scales are effortless and easy to play. the pads that light up give great feedback to exactly when you are pressing that pad. It might not seem like the lights serve any real purpose, but when you find a great pattern it is much easier to repeat and manipulate that pattern when you can SEE it easier..... thats the way it is for me anyways....
Good luck with your decision.
/wax