I like the idea of keymod, because it is non-proprietary, but most people seem to just end up buying keymod rail sections to attach the accessories they want since there isn't enough being built natively keymod.
Actually in the MLOK vs Keymod situation the route Magpul took is the better solution.
M-LOK standard requires license, BUT IT'S FREE.
The license is a requirement, so all vendors respect the specs. There are already plenty problems with keymod, because many vendors just mess up the specs, or like in the case of H&K make their own version.
There's nothing to force them to respect the keymod specs, so all accessories are compatible.
If one has a lot invested in keymod accessories, keymod is ok, but for someone starting now, with one of the two, M-LOK is a no brainer. It's superior in every respect, and supported by Magpul, who already did a bunch of accessories for it.
Here's what someone from Magpul had to say about the advantages of M-LOK:
Here are a few M-LOK advantages over Keymod off the top of my head
M-LOK works over a wider material thickness range than Keymod.
M-LOK uses a flat nut that is suitable for polymer, metal and carbon fiber mounting surfaces.
M-LOK is a true direct attach system so a line of accessories mounted next to each other do not need to be slid off to remove just one piece.
M-LOK has better recoil/impact support than Keymod.
M-LOK uses a larger bolt and has greater direct surface contact than Keymod resulting is greater pull out strength (a single MLOK mount exceeds 300 lbs in all materials)
M-LOK accessories are multi directional (can be mounted forward or backwards).
M-LOK has a uniform internal edge that can be generously chamfered allowing a better feel on the hand than Keymods 45 degree under cuts.
M-LOK can use any of the millions of MOE accessories already fielded via an adapter plate.
M-LOK slots are much lower cost to manufacture than Keymod resulting in lower cost to consumers.
M-LOK nuts are much lower cost to manufacture than Keymod resulting in lower cost to consumers.
M-LOK bolts are commonly available (user replaceable) and allow more torque to be applied than Keymod.
M-LOK slots requires no special CNC cutters or complex injection molds to manufacture an undercut like Keymod resulting in lower cost to consumers.
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Here's what someone from Geissele had to say about the two:
As a mfg I can say that M-LOK is way easier to make than a Keymod rail. Way easier. The back chamfer on Keymod sucks time up in the machine, too much to make it worth producing at the same price as our MK2-MK4 rails.
The rails also feel much better in the hand since the M-LOK apertures can easily have a generous chamfer. A chamfer on the Keymod aperture can't really be done very well since the wall is so thin at the edge of the back chamfer. The a bare finger sliding along a row of Keymod apertures feels like a dull cheese grater (my opinion)
The Keymod accessory rail is tall in comparison to the M-LOK accy rail (Geissele OEM are shorter than both).
The M-LOK accessory rail is also easier to make. No special seats for odd ball flat head screws. No staking of the nuts which are not relatively easy to make. No special back chamfer tools that require a specially ground tool or one available from one or two tool suppliers.
The button head cap screw for M-LOK are readily available and the flat head design allows you to get more torque on the screw vs. an angled head screw that acts like a torque limiter.
M-LOK accessory rail has nice shear lugs that extend from one end of the accy rail to the other, not just in one place so rotational force into the accy rail is resisted better.
Detractions to M-LOK: The nuts need "adjusting" to the internal thickness of the rail mounting surface. It only takes a second or two but Keymod can just be cranked down.
You have to be careful after adjusting that you only loosen the screw 1 turn to remove. If you just start unscrewing the nut will rotate out of its cam and you have to turn the screw back and forth a little to get it to line up again.
The M-LOK screws require some kind of prevailing torque as the screw is unloosened to work "well". A screw with a polymer patch works good, or a little bit of purple loctite or even grease. If there was absolutely little friction to the screw/nut the system would still work but it might take a little finagling to get the nut into the unlock position.
Personally, I think rail manufactures will like the ease of making M-LOK rails and this will drive availability.
Some M-lok handguards I like:
No experience with any of them.

Geissele Mk8:
ALG :
New ###y slim rail from Mega Arms and Hodge defense :