Sort of like asking "Car #1 has 200 horsepower, car #2 has 400 horsepower, which one is faster?".
Depends on a lot of stuff.
Msmith is right that at the same bitrate, mpeg2 and 4 should look somewhat alike while mpeg4 will take up less bandwidth. But there are some characteristics of mpeg4 compression that i'm not completely fond of.
Here's the kicker though...nobody produces mpeg4 streams from an analog source or high quality uncompressed original format as happens when a high quality mpeg4 blu-ray is made from a higher quality source.
All of directv's source material is first compressed into mpeg2 at its origination, most likely in the camera that took the shot, probably transcoded to a different bitrate for transmission at least once, and then sent by the network/source in mpeg2 where directv transcodes it into mpeg4.
Given a very high quality stock thats converted at the same bitrate to mpeg2 and mpeg4, the appearance should be quite similar although some argue that at very high bitrates mpeg2 has some advantages.
However you cant make something out of nothing. Taking the original networks mpeg2 and converting it to mpeg4 cant make the output look better than the mpeg2 original. Plus since it looks like directv produces lower bitrate mpeg4 streams on some channels at some times so as to accommodate more PPV and sports offerings, chances are the original mpeg2 source looks better than what comes out of the back of your directv receiver.
This is why the fiber optic sources like fios and uverse have such great looking SD and HD. Its probably the original mpeg2 passed on without recompression or transcoding in many cases.
So while the 'mpeg2 or mpeg4' question is academically interesting, I think the answer is that the picture thats been transcoded the most and had its bitrate reduced the most will look the worst, while the one thats closest to its original format with as few changes made along the line will generally be the best, within the limits of the quality of the original format.