Moveable Type was used in a CMS function to reproduce print stories quickly online for my college's student newspaper. We were able to copy and paste stories into the CMS, attach the appropriate tags, and publish the stories so they would appear online as the print version of the newspaper was produced.
I believe that these two product are interchangeable for my purposes. I believe WordPress is slightly more complicated and prone to accidents to someone dealing solely with writing like myself; however, this seems to be the hot product right now, and Moveable Type may need to implement more opportunities to customize to compete.
I feel that Moveable type is a good application for CMS work. My only issue was that it somehow became corrupted, and my paper's entire archives were unavailable for more than a year. I am unsure if this had to do with Moveable Type itself or the departure of our company's skilled web developer and his unqualified replacement disrupting the code.