One big difference is the Mag-speed only gives one velocity at the muzzle. The Lab radar give velocities at multiple ranges and with that you can calculate the BC to get more accurate bullet performance. Very rarely does the advertised BC match the tested BC.I have been using a Magnetospeed since the first week they were on the market. It was a V1. I now use the Sporter and like it. Batteries last forever. Labradar uses a LOT of battery powder for a trivial amount of additional information. They both read velocities accurately.
I usually have to adjust velocities 20~30 FPS for trued drops. Last time was 22 FPS to match the custom bullet profile provided for the Applied Ballistics app. I recommend AB too.