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I don't think its possible to compare since the Nikon is not released yet. The Mark AR is a good value compaired to the rest of Leupold's line. I imagine based on looking through other Nikons that their M233 line will be similar or better value than Leupolds.
If you are compairing the Mark AR 1.5-4x to the M223 1-4x, I imagine the Nikon the run away winner here. You would get the ranging knobs (not offered on the Mark AR 1.5-4) and 1x, which is HUGE to be able to find a target quickly or shoot with both eyes open.
On the other magnified offerings I would think if you prefered the ranging via BDC only the Nikon offers that. If you prefer marked knobs instead both the Nikon and Leupold are offered that way. I would lean toward the Leupolds here b/c you can have the knobs and a mildot and the nikon would have a duplex type.
