Just wanted to update this thread with my findings after ordering both packs.
I bought the HMG 3400 southwest and the Katabatic Elios 55, tried them on with some various weight (25#, 35#, 45#, 55#)
This is my opinion after trying them out:
The Katabatic is a much nicer looking pack. The seams are nicely finished but with sewn nylon and not taped. It's smaller than the HMG but the main compartment is largely the same format and features. The frame sheet is a pretty cool combination of stiff foam, ribbed/perforated foam and a single beefy stay in the center. The waist band and shoulder straps are a similar perforated foam but very thin and not stiff. It was my experience that the weight did not transfer to the hips as well above 25# and tended to sag. The perforated back panel is a nice feature though along with the elastic side bottle holders. It's my opinion that the pack would be well suited to about 20-25 pounds but I wouldn't go any heavier. Really nice product but not what I'm looking for at the moment.
The HMG was much sturdier. the main compartment roll top is tall. Much taller than the circuit I have and about the same diameter. The seams are taped so no need for a pack cover. There are two very beefy stays and a thin pad sewn into the back panel. The curve of the stays fit me almost perfectly out of the box. The pack in general fits my body type really well. The outside ripstop is as functional as the Elios outside pockets but not the best looking in my opinion. The Y shaped top strap holds the roll top closure very flat. The hip belt and shoulder straps are similar to my ULA circuit but thinner and narrower. This pack was comfortable and transferred the weight really well to the hips. I'd carry this up to 40# no problem. Once I put it on and wore it for a while, I realized that I didn't miss having load lifters. It's super robust and seems like it will hold up really well for years to come. In comparison to the circuit, the ergonomics fit better with the HMG but I think the suspension and hip belt is sturdier and transfers weight better with the ULA circuit.
Hope that may be helpful to someone.
I'm keeping the Southwest pack.