No real time to do a side by side comparison or a photo shoot.
As a generality these are my observations:
Lowers are identical with the exception of engraved markings. If Knight's makes theirs, it is conceivable they make the Troy ones too, or Troy's are made in house under license.
I think the KAC trigger is a bit better, but the Troy is very good. I would not be shocked to see same components here between the two. Bolts are the same. Stocks and grips - all add on for user preference, change to suit on both.
Uppers - this is where the philosophy really changes. The LMT idea is novel and I bought on before knowing what they would want just for a barrel conversion, but it is just too bulky. It makes more sense to change an upper (and typically optics) as a package.
The Knight's rifle is quite a bit lighter and less bulky than the LMT, yet still maintains a heavy barrel and the fully railed interface the URX provides (and I'm comparing a 16" LMT to a 20" Knight's).
Barrels: not a fair comparison as above length differences as well as the LMT barrel is Chromed.
I think if you stuck a similar length and quality barrel on the LMT, they'd be very similar/same accuracy wise, but the weight difference would be more pronounced in the SR-25s favor.
They are very much a novelty to have in many ways, but offer some sometimes subtle cutting edge refinements over the competition that adds up. Only a buyer can determine if those differences are worth it. I do not consider the SR-25s double the gun following a price point model and tend to dismiss such arguments in the first place -they are not a reality for firearms enthusiasts here, or anywhere else.