The British version came first and was the first that I saw, it was enjoyable and interesting to see some of the Lego creations. It only lasted two seasons and I thought it more geared towards children as contestants and viewers. There were definitely some good builds and the challenges were fine but didn't really improve or develop.
Lego Masters Australia while building on the original concept was able to develop much more interesting and creative challenges - many of which would be repeated by the U. S. version.
I also believe Lego Masters has the most engaging and involved host with Hamish Blake and the best judge in the Brickman.
The contestants are also more interesting and appealing on Lego Masters Australia, the U. S. contestants feel at times to be rehearsed and handled by producers because they don't come across as natural especially in the early seasons.
Almost all of the best challenges in my opinion came from Lego Masters Australia and were duplicated less successfully on the U. S. version.
The U. S. version does show some improvement but focuses too much on creating drama and conflict between the contestants. Also I like to see the Lego creations occasionally destroyed in high definition slow motion - but I think the U. S version does this too often - which lessens the impact.
As of this date I have watched all the episodes of the British, Australian, New Zealand and U. S. versions and strongly prefer Lego Masters Australia - but will still watch the U. S. version as it has some wonderful builds.