From a technical standpoint, at this moment, there is nothing ENB can do that MGE is not capable of.
The difference is ENB is mainly hard-coded, while MGE requires you to add shaders.
This is a benefit or disadvantage, depending. ENB runs some things by default, MGE does not. MGE is capable of more flexible effects, ENB is not.
All the effects ENB has built-in, MGE is capable of rendering as shaders. In fact, Vality reworked the ENB palette and phal made a palette shader. That was the last thing ENB could do that MGE couldn't. Knu has written physically-correct depth of field (compared to ENB's hack) and SSAO (again, compared to ENB's sharpie and water implementation).
Another major difference is that ENB is closed-source, while MGE is not. Anyone can modify MGE (as shown by Hrnchamd stripping everything out and adding shadows), no one but the author can modify ENB.
ENB is also, in many cases, slower. It's not optimized and is poorly written.
At one point, ENB was a dead project, although there seem to be some June updates to development.
Another thing you may want to consider is how friendly the developers are. In genera, the MGE devs are nice folks (especially me
). ENB, well, this page says enough...
http://enbdev.com/newsarch_en.html
Edit: It appears he actually doesn't know whether ENB is done or not. There are June updates and new downloads, but this page:
http://enbdev.com/gamelist_en.htm
Says development is stopped. I spy a serious case of ineptitude with a side-measure of angst. :rolleyes:
Suffice it to say, MGE can do what you need, and if it can't, we can make it.