The Milwaukee M12 is $170 WITH a battery and charger. You're comparing the Makita 18V gun, which I would say is a mistake.
I have a Milwaukee M18 caulk gun. In my case, I bought it to dispense windshield adhesive. The M12 is not always capable of that (particularly in the cold), with just 400lbs of pushing force. My M18 can deliver 950lbs of force, which is easily enough to burst tubes if the nozzle is clogged, or if you're trying to dispense construction adhesive too quickly out of too small a hole (ask me how I know this...).
Anyway, the 18V caulk guns fit a need (for adhesives so thick that they cannot be dispensed from a hand powered gun), but for caulk, the 12V guns are the best. 18V versions are heavy and cumbersome in comparison.
I don't know about the Makita line, but current Milwaukee versions have both a variable speed limit knob, plus a variable trigger. The best feature (which you really don't get in pneumatic) is the auto-reverse. When you release the trigger, the motor backs up to prevent dripping.
edit:
Looks like the Makita 12V claims 1100lbs of force, has the dial and variable trigger and dripless reverse, AND has a light to boot. But the bare tool is $160. Do you have 12V max Makita batteries?