Please say your choice and your reason as I can't decide between the two.

edit: let me reiterate, out of these two, which would you recommend and why?

LAME and SM?

Also...
http://www.gamesas.com/index.php?/topic/814477-magic-overhaul-comparison/

Also a similar topic that is going to die soon:
http://www.gamesas.com/index.php?showtopic=1035487

In general I don't think many people use MM anymore because it was kind of buggy, overpowering, and it isn't really getting any support anymore.

http://www.tesnexus.com/downloads/file.php?id=25616
http://www.tesnexus.com/downloads/file.php?id=27746
TFE magic costs, one the files for http://www.tesnexus.com/downloads/file.php?id=20850
http://www.tesnexus.com/downloads/file.php?id=11237
http://www.tesnexus.com/downloads/file.php?id=28292
http://www.tesnexus.com/downloads/file.php?id=25226
http://www.tesnexus.com/downloads/file.php?id=18072
http://www.tesnexus.com/downloads/file.php?id=21629

Plus a few other of Tejon's mods change how magic use affects leveling. Plus Duke Patrick's Near Miss Magick (and arrows) Alert Actors. Plus several sigil stone and soul gem changing mods.

All together, I'd say it's an overhaul.

This list is a little old, but most of the choices haven't changed much.

"Overhauls":
http://theelderscrolls.info/?go=dlfile&fileid=219 (very popular)
*http://www.tesnexus.com/downloads/file.php?id=12466 (very popular)
http://www.tesnexus.com/downloads/file.php?id=14336

new spell packs:
http://www.tesnexus.com/downloads/file.php?id=9562 (very popular)
Adventurers Spells
numerous others

magic system changes:
*http://tesnexus.com/downloads/file.php?id=14750 (by me)
http://www.tesnexus.com/downloads/file.php?id=25844
http://tesnexus.com/downloads/file.php?id=18842
http://www.gamesas.com/bgsforums/index.php?showtopic=866989
*http://tesnexus.com/downloads/file.php?id=19053 (by me)
*http://tesnexus.com/downloads/file.php?id=19494 (by me)
http://tesnexus.com/downloads/file.php?id=14871
http://www.tesnexus.com/downloads/file.php?id=25224
http://www.tesnexus.com/downloads/file.php?id=25616
Sorcery's Toll

magic interface changes:
http://www.tesnexus.com/downloads/file.php?id=3167 (voice interface)
*http://tesnexus.com/downloads/file.php?id=12049
*http://tesnexus.com/downloads/file.php?id=22984 (by me) (included in COBL; don't get this if you already have COBL)

other:
*http://tesnexus.com/downloads/file.php?id=18072
*http://tesnexus.com/downloads/file.php?id=18509 (by me)
http://tesnexus.com/downloads/file.php?id=22326 (by me)
*http://www.tesnexus.com/downloads/file.php?id=34735 (a new competitor to my mod, I'm trying it out atm... seems like a better interface and fewer bugs, but also fewer features)

* = I am using this mod

Personally, I'm not a huge fan of how LAME overhauls magic. What's deemed "annoying" in vanilla and thus fixed in LAME is what I think gives strategy to using magic, e.g. rather short duration buff and summon spells, for example. Basically, you have to keep watch on your Shield spell in vanilla as it won't last long so might end in the middle of a fight. With LAME a Shield spell will last through a section of a dungeon if not longer. My point isn't that this is a bad thing, but rather that it makes for a completely different game play than vanilla, which suits some (well, a lot rather as it's very popular) but not all. Best to simply try it out I'd guess. The mod in itself is excellent. It's also required for Integration, so a popular combo is LAME + Race Balancing Project + Integration.

Supreme Magicka is very customizable so it can provide quite different magic overhaulings depending on settings. I like it a lot as I can more or less mimic OOO's settings (which I like overall), while getting SM's additions and also control over a lot of settings if I'd like to fine tune them.

You can also run both BTW. You'll get the magic settings from the one you load last but also the additions (spells etc.) from the other one.

I like SM overridden by LAME, for exactly the reason Arkngt doesn't, less to micromanage, heh. As he said, try it out for yourself.

Add http://www.tesnexus.com/downloads/file.php?id=9562 if you like, it adds a crapton of cool spells and is compatible with just about everything.

A nice bit of fluff is http://www.tesnexus.com/downloads/file.php?id=9562 which just just changes the casting animations to a finger snap. When you install the OMOD it gives you the options for whether you want Target, Touch or Self animations replaced, you can also pick all. Uses the default animation if you have a weapon out. Doesn't work for NPC's.

I had just started playtesting this one in the spring when my old PC died, so no idea how it turned out. It had some really cool ideas though. http://www.tesnexus.com/downloads/file.php?id=30973

For casting sounds I like http://www.tesnexus.com/downloads/file.php?id=7682 + the http://www.tesnexus.com/downloads/file.php?id=13555 . Theres also http://www.tesnexus.com/downloads/file.php?id=14799 but it's loud. REALLY LOUD. There's two different version of quiter .esp's for it if you search Nexus.

And finally, for visuals, I like a combination of these two: http://www.tesnexus.com/downloads/file.php?id=9424 and http://www.tesnexus.com/downloads/file.php?id=22119