The data mart will be more efficient since it can handle slowly changing dimensions and will use surrogate/synthetic keys for joins, which (when indexed) will perform faster than any natural keys available in the materialized view.
Materialized views can be useful when the end users are unsure of what they will want to do with the data. As the view, or materialized view, becomes stable and the users stop asking for changes, it would be appropriate to begin the design of a star schema for the data mart which would then be populated, validated, and followed by the retiring of the materialized view.
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The trouble with doing something right the first time is that noboby appreciates how difficult it was.
- Steven Wright