Stolen for the interwebz:
http://www.luckygunner.com/lounge/keymod-vs-m-lok-ar-rail-standard/
"
The KeyMod System
Released in 2012, KeyMod was developed and released through a partnership between VLTOR and Noveske. It’s an open-source, public domain design, meaning that any company can make rails or accessories using the system without paying a dime in royalties.
Handguards built with the Keymod system can be incredibly lightweight, and allow for the direct attachment of any Keymod-compatible accessories. Several companies already produce Keymod rifles and handguards as well as attachments like vertical foregrips, bipod adapters, sling adapters, and flashlight mounts.
Keymod rails consist of rows of “keyholes”. To attach a keymod-compatible accessory, line up the lugs on the accessory with the round part of the keyhole. Slide it forward, and then tighten the screws."
"
The Magpul M-Lok System
Pretty cool idea, right? Well, Magpul thought so, too. They looked into making some Keymod-compatible accessories, but weren’t happy with the way the system worked with polymer attachments. So earlier this year, Magpul came up with their own competing standard called the M-Lok system. To increase their chances of this new standard taking off, Magpul has also made M-Lok free for other companies to use.
Magpul’s new M-Lok system uses slots in place of the keyholes. The attachment lugs on M-Lok accessories are t-shaped and bi-directional so they can be placed at the front or rear of the slots."
