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MoG gives, about a ~70% def buff to all but toxic and psi, and 75% resistance to all, sets your health to 25% of its max, and prevents healing. Also, you get a recovery boost and lots of mez protection.
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Assuming the 75% resist all is indeed factual, here's how the math boils down:
100 HP character takes 100 damage and dies
100 HP character running MoG has 25HP.
25 HP character takes 25 damage of 100 damage (75% resisted) and dies.
Total resistance gained: 0%
I calculate total resistance as to how 25% HP essentially becomes your max HP. In fact, even running with 80% resistance would only merit a 20% base resistance gain:
100 HP character takes 100 damage and dies
100 HP character running MoG has 25HP.
25 HP character takes 20 damage of 100 damage (80% resisted) and lives.
Total Resistance gained: 20%
Do also note that while the 25HP character did survive, he cannot regenerate/heal any of the damage till after MoG is gone. Also note, that by popping a single Sturdy(5% resistance), the non-MoG character has the same HP after the attack as the MoG character has and can regenerate/heal.
Of course...this is all theory.