The SBS TV rip is noticeably sharper and smoother, but has a persistent channel bug in the bottom-right corner, loses a few seconds of footage for advert purposes, and is very compressed. There are also no annoying white pixels in the top corners, as they were recorded prior to me noticing that these bleedthroughs from the window underneath were visible.

The MTOD Online rip on the other hand is slightly lower quality on account of it being streamed and has the occasional frame skip, as does every other episode recorded from MTOD, but is S1 in its entirety, and doesn't have any pesky on-screen graphics. Perfect for making an S1 DVD box set. Three of these rips (E3, E4 & E7) also default to a reconstructed soundtrack based on the original airings of each episode, where applicable, before they were replaced with generic noise. It is lower quality, on account of being recorded with 2002-era technology, but not noticeable when being played through speakers. If this is not to your liking, then you can change the audio track to the full MTOD stream.

Ultimately it's your choice. Pick both and see which one you prefer.