It's funny that you should bring this topic up, considering my mindset as of late. I too have been thinking about possibly going MOS/Pegasos. As pointed out MANY months ago, the Pegasos seems to be a much nicer board and is quite cheaper than the A1. The hardware dongle issue also makes me lean a bit closer to the MOS camp.
The only problem is, is that I know virtually NOTHING about MorphOs. The official MorphOs website is filled with too much technical jargon, no screenshots, no information that means anything to an average end user like me. Even with as little as we know about OS4, it is much more than I know about MorphOs (seeing that I have never owned a PPC card and never have seen the older MOS betas).
Personally, I think MOS camp needs to show the world what it has a bit better.
Sadly, my REAL aspiration was to have the SharkPPC card in my current Mediator A1200 setup running OS4...it doesn't look very good at this moment to appear, although I really hope I am wrong.