I don't see any difference in the quality of my MFF items. I have a MFF Zoe from 2009 that has better quality leather than many current FP items and is identical to the FP version except in the hardware color. My other two MFF bags are from last year. One is fabric trimmed in leather and is as nice as any other fabric bag. The other is saffiano and I like it better than the FP version because it has more pockets. The saffiano feels the same.
It's interesting that you reference the MFF vs. FP Zoe. I've had both, in medium black (one with brass hardware, which is FP, and one with silver hardware, the MFF version). On my black Zoes, the leather is noticeably thicker and chewier on the FP version than the MFF. However, the MFF leather is still nice and has worn well, and it's more light-weight, which can be its own blessing. I also think the brass hardware on the FP is heavier, though maybe that's comparing apples/oranges given that one set of hardware is brass, while the other is silver- so not sure whether the MFF/FP comparison stands.