I agree with Frank, we should be comparing minimums with minimums. The minimum on my G with 265 tires is 10" under the diffs. The minimum under my Mog with 12.5-20 tires is 18". However I would have to concede that on the ML raised to 14" down the center, that it would be very usable clearance.
The changes make the ML much more usable off road and I doubt they impinge on its roadworthiness much. I still have doubts about the traction control being as effective as lockers but, I would like to see it in action before condemming it. I think that truck as configured would go most of the places I have taken the G without incident. That makes it pretty darn capable. Factor in MB durability and comfort features and you indeed have a fine off-roader. One feature of my G that I have admired is its suprizingly supple off road ride. It is far better that anything I have previously used, though I have never wheeled in a Rover, which is likely similar.
So with some suspension changes and larger tires the ML can likely be brought to near G capable. However with the same round of changes applied to the G, it becomes nearly unstoppable
Lets face it, the G is a tough act to follow. It was designed primarily for extended heavy duty off road use. It was not subject to the same passenger carrying criteria as the ML. That is its edge, and when fairly compared it will always be favored off road, just as the ML will be favored on.
I am pleased to see that there is interest in off roading regardless of the chosen mount. I am especially glad to see it coming from people driving vehicles that while capable, are rarely used for anything other than cars.