You always have interesting questions, I had that questions to, some years ago, what I think, after reviewing many references, is that multilevel converters that aims to reduce the number of transistors again traditional topologies, usually have different blocking voltage in transistors, that means they generate many levels with few switches, but their maximum voltage is limited to the voltage in some transistors, some transistors block few volts and other block high voltage, sometimes the output voltage, and traditional multilevel converters such as diode clamped, flying capacitor and cascaded bridges, and now the modular multilevel inverter, are designed to have the same voltage in all transistors. My conclusions where, reduced-switches multilevel inverters should not be compare with traditional high voltage multilevel converters, it would be unfair, for low voltage and getting many levels, you may use reduced-switches topologies, but they have to compete with the traditional full bridge with an LC filter, the modular multilevel converter is the only topology that have being used to high voltage in the practice, even for power transmission.