Lubadh feels more like a ‘regular’ looper. You also have rather precise control over start point an lengths of the recorded audio, while Morphagene is more focused on tape splicing, and also has the granular controls, which Lubadh does not. The Module is still very new and I haven’t tried too many mod sources with it, but I’d say it is more for recording something, scrubbing through it, finding loops and playing with them. While Morphagene is a bit less precise but more experimental.
On a side note, Lubadh at the moment is noisier than Morphagene, mostly around 2khz, and I experienced some other odd behavior that could be bug related, so hopefully they will work on this a bit.