The mountain bike is in the left column and the road bike is in the right column.
Max speed was 27.8 mph on the MTB and 20.9 mph on the road bike, counterintuitively. Those were both on the same big decent. I guess I'm just not comfortable letting the road bike run on gravel. Too fast for the slick skinny (25c) tires. That's on a perfect new groomed gravel path, too. Interesting.
The road bike is less effort. I think good HR data would show my average HR would be a few ticks lower on the road bike for the same speed. The road bike was more on and off the power as conditions and speed allowed, often going too fast for the conditions then backing off and coasting.
The mountain bike was more of a consistent effort not limited by conditions other than trail traffic. If I wanted to go harder, I could have on the mountain bike for most of the ride, but only in a few places on the road bike.
Fun is personal and relative. The road bike is more fun in a challenging.... er, trying to stay out of the ER way. If that's fun for you. My wife rides her road bike with 25c tires on these trails a bit, but as little as possible and only to get somewhere else out of necessity. She'd never do a 20-mile gravel ride on her road bike by choice, where I do it all the time. I think it's great for maintaining bike handling skills, especially through the long winter without any real mountain biking. My wife hates mountain biking... something about falling and getting bloody.
The mountain bike is more fun in a just go out and ride mindless way. It bugs me a bit, though, that I'm putting so many "junk" miles on my good MTB tires. When I (rarely) feel the suspension I also get annoyed. It's that feeling of not being on the perfect piece of equipment for the conditions, similar to most days skiing.
I also miss the hand positions of the road bike. I think riding on a real mountain bike trail you are naturally moving around a lot more and it's not as noticeable.
It's worth noting both bikes have been professionally fitted, and I've done the Triple Bypass and 100-mile MTB races, so I'm very comfortable on both. (On the side discussion: those are probably not the best for my immune system, but nothing compared to having twins, especially when they started bringing home germs from preschool.
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After this discussion and experiment, I think a hard tail 29" XC race bike would be ideal for me on these trails. If you asked me previously I probably would have said a cross or similar gravel bike.