They both look really natural on the skin (ie. not a grease/disco/glitter ball) even though they have loads of shimmer! I like applying the E.L.F one on the tops of my cheekbones and on my brow bone to add a subtle glow. a healthy glow.
Seeing as the M L-M is £15 and the E.L.F bronzing powder is £1.50, I would highly recommend checking out the cheaper alternative.
Do you own The Balm's M L-M? Does it look similar to the E.L.F to you? Let me know!