I could be wrong on this and I'm sure it's not explicitly said in some of the texts that we pull concepts like MDF out of but it is my understanding, or at least intuition that;
MDF doesn't take range advantage into account. I think the only time MDF based on pot odds and the indifference principal are strictly correct are in spots where whatever decision point you are on is pretty neutral in terms of range advantage.
In other words, there will be (i think) spots where one players range is just so much stronger than the other players range that there is no way to make the player with the range advantage indifferent to bluffing or not. In fact I believe there are some spots where both players are playing a perfect strategy but, because of the last card to peel on the board, one player can bet his entire range and the other can do nothing to stop it.
For instance;
say we have a player opening UTG for 3xbb (100bb deep) in a full ring cash game and the player in the bb calls.
HU to the flop of;
KdJcTs
If PFR has all the sets as well as the nut straight and the PFC has maybe some 2 pair combos and discounted JJ and TT (because he may 3 bet the pre-flop)
What can PFC really do to stop PFR from betting his entire range or at least betting a very wide and polarized range and going bet bet jam with his air and draws? Can a MDF really be used here?
I think the MDF is a good rule of thumb for cases where it's unclear that one player has a massive advantage and it is good to think about as it teaches us something about what GTO player would "look like". But I don't think (stress the word THINK) it should be taken too seriously.
please someone correct me if Im wrong