I actually used Pennzoil syncromesh (same as GM) in my last Accord, an 01. It felt better than the Honda MTF, but at that time the Honda had been in for ~60,000 miles. So new Honda MTF would have been an improvement as well and I really can't say what would be better.
Since then, mid 2006, Honda upgraded their MTF. If it was a wash before, I imagine the Honda is better now. The new MTF helped a bit with the 3rd gear issues some were having in their 03-05 6 speed manuals.
LT4, I certainly would agree it's better than motor oil. But, it's base is just a 10w30 motor oil, and Honda specd 10w30 until '99. In my 06 manual, 10w30 motor oil is listed as a temporary replacement, whatever that means.
My biggest issue with any of the three Honda manuals we've had is the cold weather performance. And Honda MTF or Syncromesh weren't really any different there, which is why I'll try Amsoil next.