As far as I can tell, the 3 LED watt die are premium selected versions of the 1 watt die. The 3 watt is then packaged in a slightly higher performance package for the extra power (electical and heat).
So, if you are not too worried about LED lifetime, then you could drive either one at 1 or 3 watts with similar binning and get very similar results.
Before anyone gets too excited about the wide swath I have cut through by generalizing, this group is the audiphiles of lighting. If you like flashlights the same way the audo guys like sound, then buy the best. (the cost difference is really not that large, especially after you feed some batteries to it.)
As far as lifetime, these are Luxeons - they are tested so hard and long that the requirements put on by pretty much any EDC flashlight is almost nothing. That is not the case for many of the LEDs on the market, esp. the 1 watt attempts by (others)
In 5 years, your light is more likely to be technically obsolete (or lost) by the latest Luxeon, than to have dimmed appreciably from over power and over use.
My suggestion is - if you really are taking the time to think about the question - buy the better LED - the difference is only maybe $ 10 through Future.