I think the Photons were the first small LED lights marketed and they deserve recognition. They make a quality product and are still innovating. But now everybody and their brother's son in China are making similar products and they're as functional and dirt cheap.
A couple of years ago this was a common topic - the choices were between coin cell lights like the Photons and the Microlight, but now you can buy decent coin cell lights for $1-$2.
I'm torn. I believe that Photon and Microlight manufacturers deserve our support, but I can't personally justify spending the difference to buy them over some of the cheapies that I've found. There IS a difference in quality. The materials used are better - these two manufacturers are not ripping us off, but I can't personally justify the difference for gift giving, expecially for non flashaholics.
This past Xmas, I gave away about 3 dozen coin cell lights. Most of them were the 20/$20 County Comm lights and just before Xmas KevinL started selling Photon II knockoffs for $1.25 which have now become my preference.
So much for my input about alternatives. Back to your original question. My favorite between the two is the Microlight simply because of its utility. It has been "approved" for use in our Armed Forces. Someone has already listed its features and durability. I love mine and gave several as gifts before the cheapies were available. If you don't consider the knockoffs as another option and your choice is between the two, then I'd definately choose the Microlight at under $5. (BTW, I don't like the translucent ones).
But, there's nothing negative to be said about the Photons. I want to pickup a Freedom just because I've heard so much good about them and I want one. The simplicity of the IIs seem to be a favorite of everyone - you can't go wrong with them.
Good luck.