For low poly :1000-5000 pol(even tablets supprots such polygons now, power don't stop increasing)
Blenedr has incredible usefull tools :
-cut middle
-cut loop
-select loop
-extrude face
-extrude region
-editing in 3D view directly
-Merge vertices
- etc ...
In Milkshape that's just a pain to work on more than 4 faces ylinder sides !
You loose so much time, and even can't work directly in 3D solid view ... It's for nostalgic people !
Blender is FREE, and is continuously maintained and evolving ... not like Milkshape that is very old abandonned tool.
Silo is powerfull, you should try the demo, you should find it as easy as Milkshape and lot lot more powerfull; you'll modelise things 10 times faster staying in same 3D solid view

even skecthup will od as good and better than milkshape and lot more easy and more fast to modelise.
But for newbbies and beginners, people that realy ony love that tool , why not milkshape, you do as you like.
For very Low poly (<1000 polys) for some retro or old cubic games , why not ...