MFAA requires second gen Maxwell hardware to leverage the much more flexible and much more programmable pixel and sub-pixel sampling patterns that can be used on these GPU's. In theory, MFAA can provide better image quality than MSAA (and vice versa), but it is still too early to say anything definitively at this point.
The best description I have seen so far is from overclockersclub review:
"Multi Frame Sampled AA or MFAA: "Game developers and GPU vendors are increasingly implementing more advanced forms of anti-aliasing (AA) to enhance image quality. GM2xx GPUs have a number of new features for much more flexible sampling, enabling further advancements in AA quality and efficiency. Today’s GPUs ship with fixed sample patterns for AA that are stored in ROM. When gamers select 2x or 4xMSAA for example, the pre-stored sample patterns are used. While many current games implement deferred, post-processed AA techniques such as FXAA or SMAA, there are still many others that continue to use traditional hardware-based multi-sample AA (MSAA). GM2xx GPUs support multi-pixel programmable sampling for rasterization, providing opportunities for more flexible and novel AA techniques to be implemented in the context of both deferred and conventional forward rendering."
"With programmable sample positions, the ROMs that were used to store the standard sample positions are replaced with RAMs. The RAMs may be programmed with the standard patterns, but the driver or application may also load the RAMs with custom positions which are free to vary from frame to frame or even within a frame. In a 16x16 grid per pixel, we have 256 different locations to choose from for each sample. We’ve also extended this programmable sample location support to span multiple pixels, so for example in 4x MSAA rendering, all 16 samples within a 2x2 pixel footprint can be located arbitrarily. This sample randomization can greatly reduce the quantization artifacts (like stair-stepping) that occur with more traditional forms of AA. These freely specified sampling positions may be used in the development of effective new algorithms."
"NVIDIA engineers have recently developed new AA algorithms that vary, in interleaved fashion, the sample patterns used per pixel either spatially in a single frame (where, for example, each successive pixel uses one of four different 4xAA sample patterns) or interleaved across multiple frames in time. Multi-Frame Sampled AA (MFAA) is a new AA technique that alternates AA sample patterns both temporally and spatially to produce the best image quality while still offering a performance advantage compared to traditional MSAA. The final result can deliver image quality approaching that of 8xAA at roughly the cost of 4xAA, or 4xAA quality at roughly the cost of 2xAA. Below we have a few images that show 4XMSAA implemented in BF4 and on the right the same scene with MFAA enabled."
All that said, there is no doubt that perf. and perf. per watt can improve significantly with MFAA vs. MSAA: