MLAA can produce really good effect in some games, and not-so-good in others. I tested it in SC2 and got good results with little performance penalty, but I didn't like how it smoothed the fonts.
I believe MLAA has the lowest performance hit, but can produce smoothing similar to MSAAx4. But MSAA will selectively appy itself to geometric shapes, whereas MLAA will apply itself to everything based on differences in contrast. So MLAA is dumber in what it gets applied to, but that improves performance because it's not doing any difficult determinations on geometry etc. and instead merely looks for contrasting colors and smoothing those.
So MLAA will smooth everything, including fonts, which may be odd-looking in some games (Starcraft 2 fonts). However, I think MLAA works particularly well on mass effect games (not sure haven't tried it) where you see big jaggies on straight lines that can dominate a scene (window sill)?