MGSs have their place, but they are not a replacement for Tanks.
Tanks are the Lancers -- the heavy Cavalry. You're always going to need some equivalent of heavy Cavalry for shock-effect. MGSs don't have the armor to go head-to-head against MBTs.
I'm not a big fan of tanks in urban areas (mainly because I wouldn't want to take MY tank into urban areas). In urban areas, tanks lose mobility, and they can't take advantage of their reach (gun range).
The current MBTs (Abrams, Leopard II, Challenger, etc.) are designed to be most effective in open country.
MGS may be a better choice for urban warfare. I'm not sure a tank is that much less vulnerable in an urban area, given the numerous opportunities for concealment and close-range attack in an urban setting.
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