Well with Go SMS Pro, you could send up to 5Mb per MMS for free, but with the HD video on the Note II, 5Mb is like 5 seconds! If you want to have a larger size MMS, then you have to pay Go SMS Pro.
iPhone doesn't have any limit, and yeah it is better in MMS. I thought I have set my Go SMS Pro to mirror the iPhone MMS (even got the iPhone theme), but still now I found that it cannot do Video. It doesn't really bother me that much since I never send video anyway. And if I want, I could always do it on my iPad or my wife's iPhone.