A further question is "Who can make the smallest MRR from the same source data?". I have also put together the OS Terrain 50 and my MRR is 132 MB.
There are a variety of techniques available to make your MRR files smaller, although some are not yet exposed in the Pro user interface. The size of the MRR file depends on the geometry of the storage, the treatment of the data being stored and the compression codec employed.
Geometry includes things like the tile size (for base level and overview levels) and the amount of tile wastage. Tiles don't have to exist if there is no valid data. Small tiles may reduce wastage, but large tiles may reduce overhead and improve compression ratios.
Data treatment includes - choosing the most appropriate and compact data type, appropriate per-band validity settings, decimal accuracy restriction (for floating point data types), storing floating point data as integers by employing a transformation, predictive encoding (which can make the data stream more compressible and is generally only used when the storage data type is integer).
Finally choose the best compression codec. In general, you should always choose some compression codec over having no compression at all.
Amongst the lossless codecs, LZMA generally produces the highest level of compression. But setting the compression level for this codec is vital - levels 1 - 4 behave very differently to levels 5 - 9. For imagery, PNG will often produce a smaller file than LZMA.
We currently only offer JPEG as a lossy codec for imagery. The size of the file depends on the compression level - from 0 (largest, highest quality) to 9 (smallest, lowest quality). Level 0 will generally halve the file size or better without any visible loss of quality. Quality remains very high up to level 3. For levels 4 - 9 there will be an increasing noticeable level of image quality degradation.