This was mentioned in the ‘Test the forward renderer’ sticky thread - MSAA looks great at geometric edges, but doesn’t appear to take into account the alpha of masked materials.
This was with a preview version - but I’ve just done a test with the 4.14.0 release, and it still appears to be the case in the final version.
I’ve also seen some threads that suggest ‘MSAA is not good for foliage’, presumably for this reason (foliage being almost impossible to create without extensive use of masked materials).
Alpha to coverage didn’t make it in time for 4.14 unfortunately. It was developed in a different branch and didn’t get merged in time. It will be in 4.15.