I was actually one of the few who received the MR Luke ANH when the first batch was released back in June - so I'v had this FX for a while now. Let me first say that there's no comparison between the MR ANH and a Yoda Graflex. Yoda does outstanding work on his sabers and you won't get a more accurate graflex saber anywhere else. The ANH Graflex I'v got is superb in its detail and accuracy, and to me, is the definitive graflex saber.
But even with that said, I still like the MR ANH FX. I too was a little disappointed at the less-than-stellar rabbit ears, and of course the absence of that third window as a result, however, in the grand scheme of things - it's a pretty darn good FX. And it's certainly better than not having had anything at all. Sure the color of the blade is not Cyan, (which you can get on a graflex from Yoda), but at least it's a lighter, and brighter, blue than that on the Obi-Wan and Anakin ROTS FXs. And as others have mentioned, the clash sensor on the ANH FX really is top notch. It's also very light and easy to spin, for me at least. :) Creaking seems to be a major problem with some of them, though.
So although I voted for the Graflex, I definitely think the MR ANH is a worthy addition to any FX collection.
So if you want a decent attempt at a graflex that's not too expensive - the ANH FX is for you. If you want something accurate and valuable - and as close as possible to the saber Luke held in the films - a Graflex Replica or Vintage is the way to go. ;)