Depends on what you prefer to do, mining or farming. I'll never be able to afford either so I probably can't give too much insight
Melon swords I think personally, I understand eff7 is cheaper but farming u can watch tv while doing it if u keep a straight hand (so u don't destroy the whole farm)
I personally say go for the melon sword. Farming melons is a constant rate of income, typically in a safe zone. It's a long term investment that can always be rewarding.
Eff7 mining makes more and is less expensive, yet Melon sword farming uses less energy and can do other things while making money
I currently own an Eff 7 and have previously owned quite a few melon sword. I prefer the melon sword personally as it is a constant rate of money and gives you the ability of multitasking if you would like to.
Eff7 you make alot of money from it you can use the ores you collect to build and the eff7 can clear land for you while the only thing a msword is good for is farming melons hours on end
There's reasons to get either one. If you discard the price (since mswords are more expensive by around 250k, it's a pretty unfair comparison), they both have reasons why you should get one instead of the other. However, the msword price is pretty insane, and I would say that unless you can get a good deal, Eff 7 is by far better, just because of the price. Now if we just look at the tools themselves, it's a more difficult debate. They fit the mold of two different types of people; high risk/high reward vs. low risk/lowER reward. If you're a player who wants a consistent, stable money-making tool you can multitask with, the melon sword is probably for you. In addition, there's practically no start-up cost besides the tool itself. It makes roughly 15k-16k, and the income is pretty stable unless you get hit by one of Andrew's price nerfs/buffs. On the other hand, the Eff 7 requires a good bit of concentration to use correctly. That's not to say you can't do other things at the same time (I moderate chat effectively while mining), but you won't be able to watch a movie while you mine. On top of this, lava is always a threat. It's a good idea to invest in Pyro+, though Fire Protection 4 armor does almost as well (you can last 30 seconds in lava with it, enough time to /home if something goes wrong). To make up for this, Eff 7's make more money per hour than mswords, 20k if you have the proper features and concentration. Unlike a msword, there's many ways to make even MORE money than the basic server prices. You can increase your profits by scouting the player market and selling loot there, or invest in features like Fly which allow you to use /speed. Again, I personally like the Eff 7 better in general, but the price for melon swords has turned me off to them as a whole. If you're saving for a star tool, I think you'd be wise to go for an Eff 7 instead of an msword.