Definitely the Soho Disco! i've had mine for over a year and I can honestly say it's one of the best and my most favourite purchases to date, practically my go to crossbody for everyday. It holds all of my daily essentials (Phone, Card Holder, Key Pouch, Small Pouch with emergency things like bandits and allergy medicine, External/Portable Charger, Camera, Earbuds, Blotthing Sheets, Hand Sanitizier, Tissue, Gum, Travalo, Chapstick and Lipstick). The bag itself is not heavy at all thanks to the non-leather lining and it's very easy to grab things out of your bag without having to rummage around. Even with all my items, it's still comfortable to carry around. I have back and shoulder problems so I try to avoid heavy bags with too much hardware. It's also very durable and practical. I've carried it through the snow, rain and even brought it on vacation numerous times and it's held up very well; no signs of wear or tear, no colour transfer or anything aside from the creasing at the top because the leather softens over time. I don't see this as a con since it's the nature of leather to soften with use. There was one time when I was visiting in San Francisco and after dinner, there was a group of people outside the restaurant who gave me weird vibes so just for safety measures, I flipped the bag where the GG logo was facing my body. I liked having that option to be more discreet lol. There are only a few cons to the bag IMHO. One, the zipper isn't the smoothest. If you were wearing it hanging on one shoulder, it would be a little harder to unzip the bag unless you use both hands. This is known as a common issue that most people face but it doesn't really bother me. One of the SA used wax of some sort and it so it helped a bit and plus, I normally where it crossbody so I'm used to opening my bags with both hands. Depending on your height, you might have excess to the adjustable strap and it just hangs there with nothing to keep it in place. The bag might also have the possibility of flipping over if you don't happen to zip it all the way. This personally hasn't happened to me but I've seen a few reviews where people shared this info so it's nice to be aware of it. If these aren't deal breakers for you, I think you should go for it!
The LV Favorite MM is nice in the sense that it's very durable being that its canvas and you have the versatility of wearing it as a clutch for more special occasions. I know a lot of people also take resale value into consideration in case they want to sell the bag in the future so LV has the upperhand here. However, it has less capacity and the magnetic closure can be bothersome. The many times I've been at my local consignment stores, I often see the Favorite and all of them haven't aged well as they all have the creasing that others have mentioned previously. I think it's really all down to how much you want to carry in the bag, how you plan on using it and what you already have in your collection. If you already have some LV bags and not as many leather pieces then the Soho Disco would be a nice addition. If you don't own anything from LV, the Favourite would also be nice to have as your first from them. You can't go wrong with either one. Good luck deciding!