I kind of stuck to the battery drain question posted, but due to the title, I guess it is appropriate to include some comments on the lights overall. I agree with LedSled's summary above. Owning both, however, I can vouch for the reason for the cult following of FF3 owners.
It is simply the smallest (usually by a wide margin) 123 light out there, and brighter than even the U60 HDS lights by most accounts. The Flupic controller not only gives three brightness levels, but allows user selection of the two lower brightnesses, and of course various strobing options and modes. It does require RCR123's to get full brightness, but you will be quite well lit, and for a long time, if you pop in a backup primary (looks like around 16 lumen max output from a primary). Ergonomically, if you don't like a twist head, the FF3 is not for you, and you will need a bigger light.
I do have two flavors of the B42 HDS, which I love, but they only travel in a belt sheath or coat pocket. My FF3 is very pocketable, and I really like it in the non-pocket body on a lanyard hanging in my pocket from my belt. It is waiting for it's titanium big brother to be built this fall. That would be the drawback to the FF3, though, it is a true custom done in batches by Doug Speck, and you have to get one during the build window.
Hondo