It depends. If you want a game that will definitely live up to its value in hours played I would go with Rune Factory. If on the other hand you don't mind a unique but woefully short experience then I would go with Madworld.
Here are some differences:
Madworld has a better story
Rune Factory has more variety in gameplay (choices on how to spend your time)
Madworld has a more unique and generally better presentation
weirdly enough Madworld has better character development in my eyes (I know....weird)
but Rune Factory has better characters.
Rune Factory has probably 100 hours of possible gameplay without starting over if you really enjoy it, and can be endless.
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