The two 'Caps are NOT the same...other than that, it gets esoteric trying to pick one over the other.
My first 'Cap was/is an Omni, and it's a fine thing, for sure - but I genuinely think the M is a better opening move: it has minimal variation, minimal adjustment: coaxing the results you want is a matter of learning the ways of torch and tip, and little else - and because there are really no barriers to use in terms of complications, the learning curve is pretty easy. The Omni is a more sophisticated tool, but much of that sophistication was lost on me until I started getting clue: going from a month or so of strict M usage back to my Omni has been a revelation, I'm having far greater success/results now than ever before with it. M provides a stable, dependable baseline: the virtues of the Omni are best seen against that background, IMO. And yes, I still LOVE my M...but I'm beginning to loan them out t selected friends...I really do see a day when 'Caps are as common - or more - than packs of papers....
You may be perfectly satisfied with an M: it's easy to do! And I love my Omni...but if I could have done it this way, I'd have got the M - and then the Omni
The thing is, the cap is too thin and light to hold much heat: it HAS to go somewhere, and that massive SS tip is the perfect place (it's also the perfect target for one of George's in-line triple torches): it's an oven in which the herb bakes, releasing its good stuff. I use mine as a personal device as well, not handing it about between pulls - but that's allowed me to experiment with back-to-back heats; no, the M does NOT get extremely hot, but the 'oven' remains at a more even temp then the Ti, and that allows a basis for more consistent results.
All the things you mentioned up front are real and valid...as are other things.... Honestly, I wish the Ti tip I received after 420 had been the 5-fin new model; the variations seem insignificant, but the experiences downstream say otherwise...then again, I'm an early adopter, always ready to see what's new.