Assume we have two custom Maglites:
One with with a U-bin on an O-sink (not talking about the drop in Mag module) and the original reflector that has been cut down for use with the LED.
One with the perfect tri sink and 4 U-bins and 4 IMS20 reflectors (I've never done a tri Lux with Mc reflectors).
Well also assume that the power source and driver is capable of driving each LED very hard so were talking either LiIon on 6+ high current NiMH AA cells.
The hotspot on the single Lux III light will be more intense and much smaller. The hotspot on the tri Lux III light will be very bright and much larger than the single Lux III. The throw of the single Lux light will be more because the photons are concentrated in such a small, narrow ray of light.
Neither one is better than the other though. In my experience and opinion, the single Lux mod will have more throw for really reaching out there, but the tri Lux will have the larger hotspot and still seem to have quite a bit of throw. Where I really feel the tri Lux lights come into their own is sweeping large areas... either in a dark warehouse or a large open field. On the other hand, if it is a very tree-filled area, then the single Lux light is superior because there's less chance of catching a bright reflection from the large hotspot of the tri Lux light.
As for spillbeams... they are both pretty bright, but the tri Lux light will be brighter. Honestly though, if I'm walking through a fairly wooded area, one of my favorite lights is a 2C with an PR SMJLED. Plenty bright for such use.
Whether a tri Lux light or a really good single Lux light is 'better' will come down to your needs. I have several single Lux-modded Mags and two tri Lux Mags but my favorite general use mag is a 2C with U-bin, an nFlex driver (8 levels) and a McGizmo 27L reflector. It looks funky in the head, but it gives, what I feel, is the best balance of throw, hotspot size and spillbeam brightness of any reflector I've ever used.