OMG, that's a tough one...
I have to like Freddie's better, it being the original, and done according to his concept. (Yes, synths and all).
But I love Brian's guitar work on the Queen version.
(So I guess I really didn't answer your question properly. Just another in my series of typical non-committal responses).
The MIH version is an improvement on MBG for two reasons - the arrangement's better and the vocal is less exposed than the MBG version (too many puny synths for the vocal delivery)
I agree with anagramer.
The MiH version is very nice... the only thing I don't really like is the snare's sound. I'd have preferred a stronger one.
Heaven for Everyone... well... they could have dared more, to make it less 'traditional' and more 'hawaian'... anyway it could have been one of the tracks of The Miracle.. the mood is that.
Born to love you, MIH version is absolutely wonderful, even though I don't dislike also the MBG one.