As far as I'm aware, MorphOS has been in development a while longer than OS4. Personally I'd like to see release versions of both rather than drawing conclusions from beta versions of either.
An early beta of MorphOS (was it 0.8 or something? I cant recall) for the blizzppc not only fell over at the slightest provocation on my machine but managed to trash my hard drive, requiring a total reinstall. That was some time ago.
I'm sure the bugs presently in OS4 will be ironed out and both systems doubtless will be a lot of fun to play with :-)