While I don't personally find it a very attractive mod, function wise, ELVT offers a bit more then the MVP.  
I believe it is basically an Innokin SVD in function, which means it's capable of more power then the MVP.  I use an MVP daily for work, but quite honestly, its anemic.  The SVD has a higher current discharge then the MVP, 5 amps vs. the MVP's 3 amps, and it can be turned up to 15 watts.
The ELVT's battery can be replaced with the 18650 of your choice, so it's possible to have an 18650 with a higher mah rating then the capacity of the MVP.
Oh....and it's got a flashlight.