I have a Mk 25 D400 and a Mk 20 D400 (basically same reg, the Mk 25 just has provisions for an externally adjustable Intermediate pressure.)
I dive mine in cold water - down to 35 degrees and have not had any problem with freeze ups but I am experienced, I don't overbreathe the regulator and take care not to inhale and add air to the dry suit or wing at the same time. There have been many reports of problem with the MK 25 in very cold water.
The Mk 25 has the potential for very high flow rates and the thermal insulating kit is, in my opinion, a little marginal. My dive buddy today (an experienced instructor and dive shop owner) froze up on two dives at 100 and 140 ft. in about 45 degree water with his new MK 25 S600. He is not pleased and will be talking to the Scubapro rep this week. Personally, I got to practice shooting lift bags and ascent lines so it wasn't all bad.
In my opinion, there is something wrong with his particular reg and I suspect that the assmbler forgot to cover the spring and piston with Christo-lube which helps prevent ice formation. I would not hesitate to buy a Mk 25 as it is reliable and aside from some potential cold water issues it is basically bullet proof. The only reg I can think of that would be better is a Mk 10, and they don't make them anymore.