I don't like the comparison much either. What some people don't realise is that the MT-32 has some very realistic sounds- in LSL3, take 'The Comedy Hut', and the clarinet lead. Awesome

That said, a lot of the instruments in LSL3 are poor, like the brass, tuba, strings, some guitars and basses, etc.
In fact, other than those it's not so much that the instruments are poor, it's just that they sound very bare because Tom did his CD before he had more advanced synths. I guarantee people would prefer Tom's CD to these new Fantom recordings if he had recorded it this year, say.
And hell, some of those Fantom instruments sound very unrealistic to my ears as well (or at least how they were translated/converted). The drums are nice, as are the saxes, but the pianos and brass, and quite a few others used in LSL3, don't sound that great.
Regards,
- Alistair