Are you talking about leveling ability or cutting ability?
Leveling abililty as defined as the ability to just remove material from the high spots (ie a 1500 grit sanding disk attached to a stiff backing plate).
Cutting ability as defined as the ability to remove material in general?
In terms of actual material removed, the microfiber pad is going to have a slight advantage, in terms of leveling ability, I would assume that the microfiber cutting pad is going to focus more of its cut on the high spots and level better.