Mike_RB
Modo's blazingly fast. I don't want to use an environment light, or occlusion, I'd like to use some type of interpolated irradiance like Final Gather in mental ray or Lightwave,
Hey there! I hope you will like Houdini in time but in fact comparing Modo with Houdini or Mantra is pretty unreasonable.
Modo, as many others, is not fast, is incredible slow once you ask it to do something else then still imaginary with some sort of GI, which is nowadays rather trivial task judging form a number of solutions (including open source) out there. On the over hand asking Houdini for doing nice looking photo realistic house visualization can be hard - unless you use PBR in which case it's not hard it's just looonnggg

Saying that I must admit that Houdini lacks of ready to use fast GI solution, which is more a Mantra's setup problem then anything else. Once you know it, you can prepare your own shaders and tune Mantra to speedup things heavily.
The point is that so called “ultra fast modern ray tracers” usually introduce problems that are unacceptable for the industry Houdini was designed for.
Using of them become nightmare once we jump into moving, high resolution, high quality images. Many things that are crucial in such a case are absolutely absent in fast raytracing apps, like Modo.or many others freelence tools. Yet this lack gives it the apparent speed.
That's why quite a few facilities in commercial and games industries switch recently to Manta or similar products like 3delight, Air or PRMan. Not inversely. (btw Have you compared GI in PRMan and Mode?)
On the over hand fast GI or similar are not so important for films. Thus Mantra development was driven by a different set of needs. It doesn't change the fact I would love to have better GI setup for Mantra (for example via solid photons support which seems to be lately completely turned into PBR stuff what I really don't understand since I really want to use it in MP mode like many engines does.)
I saw once a person who was evaluating Houdini for a first time. He gave up after several minutes saying that Modo render GI faster then Houdini opens mplay (its framebuffer) - which ironically can be true in a bad luck of firewall problems, Windows Vista and ATI card.
Don't take me wrong but Mantra has so many serious advantages that a lack of fast GI setup out-of-the-box is a minor issue, at least for movies and animation.
Good luck!
Simon.
PS I've heard many good things about modeling in Modo. I don't think you'll be able to stand poly-modeling in Houdini