I dont own a Military but I have heard good things about them. I do however have a SERE (black coated) and I really like. The action of this knife is unbelievably smooth and the blade came sharper than any knife I have ever seen. I know that many people dislike the lock on both these knives but as far as the SERE goes, it is very solid. My father in law got a BM with an axis lock a few weeks before I got my SERE and as wonderful as that system seems to be, my blade was smoother to open and has less (side to side) blade play (neither knife has any vertical play) than the axis.
Oh yeah, I really like the shape of the blade on the SERE. At first I was a little put off by the swedge/false edge but this (I think) really lends itself to good piercing performance.
And one final high point for the SERE is the pocket clip. I really like the tip up carry (it seems to be much quicker for me at least) than the tip down of the Military. Also, the clip on the SERE is positioned as far back as possible so none (and I mean none) of the knife itself is shown coming out of your pocket (some say that this limits the quickness of the draw but I still think that I am quicker with this knife than my other ones that are more exposed and are tip down).
This covert carry is great for a number of reasons one of which is better retention/less things will snag the knife (this might sound dumb, but in the world of baggy clothes, this is a realityat least for me). Finally, if you get the blade coated SERE blade, the clip also comes coated matte black, which also greatly reduces the attention you might receive from a shiny polished clip (again, this might sound dumb, but it is true, at least for me. I lived in Jerusalem for some time and remember catching many a glace from various people when they saw my silver clip, and then a portion of my knife sticking out of my pocket. This is in a land were guys five years my minor were carrying AR-15s slung over their shoulder. Contrast this to my carrying the low ride SERE with its dull black clip which goes unnoticed by the lunatic liberals here in my new leftist city Santa Barbara, CA). Steel and blade shape are important but ability to carry the knife is an issue that (I think) is often left out of the reviews/comparisons.
All in all, I think that the military would be a bit cheaper, but in my mind when you spend $100, you might as well spend $110 and get the better choice.
Oh yeah, check out these reviews, they helped me decide initially in favor of the SERE:
http://www.jungletraining.com/knives.htm
good luck!