What makes the ASCII look easier to me is that everything is listed together on one line - timecode, red value, green value, blue value. In this case it doesn't really matter much because there aren't a lot of animation frames but for a more complicated one that makes it easier to tell what's going on. Also, you can do a find/replace to change the "1.0 0.0 0.0" to whatever color you want. I do this all the time with ASCIIs when I forget to set the ambient and diffuse colors properly.
But I was able to figure out how MDLEdit's thing works just by looking at it, so it could be a lot worse!