I'm afraid I have to disagree with PhantomPhoton that you won't be able to tell a difference, and that the M60 with FM34 will give more throw.
So, I do have to admit that I don't have the M60F, but I do have the M60 (which is in a C2 HA with FM34), and an M60LF (in a plain G2). First off, as PhantomPhoton and others stated, output and runtime between the modules is identical. And, of course, as others have stated, putting the diffuser in front of the lens will lead to a little bit of a loss of lumens. However, testing this repeatedly with my M60 and FM34, I can BARELY tell the difference (to the point where I may very well be imagining it). If it does exist, I'd say it's a 5% drop in brightness. So, in terms of brightness, you might notice a SLIGHT output advantage of the M60F as compared to the diffused M60, although in real use, such a difference won't be noticed.
Moving on, then, to the beam pattern. This is where you see a pretty significant difference between the M60F and the diffused M60. The M60 with FM34 on gives you a HUGE wall of light. It's spectacularly bright all the way across it's very wide beam. The M60F optic, while giving you a "flood" light, produces a beam about half as wide as the M60 with FM34. Comparing the two, the M60 with FM34 will feel like a true and awesome flood light, while the M60F will feel almost like a light designed for throw, with an obnoxiously tight hotspot. In my experience, this will make the M60 with FM34 much more useful if your intent is to light things up within a range of probably 35 feet. If you need to light up wide areas beyond that, then the M60F will perform better, as it has much better throw than the M60 with FM34. (Of course, if you need to light up something much further away than 35-50 feet, the un-diffused M60 will perform MUCH better than the M60F.)
In the end, these are definitely different lights. To some extent, your choice should depend on what you need to light up and where. If indoors, the M60 with FM34 will let you see a larger portion of a room at a single instant. Outdoors, the M60F will likely be superior (up to distances of 50 or maybe 65 feet, or 100 feet at the very max), as the 25 degree beam is about perfect for such medium-range illumination. Of course, if you expect to be outdoors and need to see 200 feet away, then you need the M60.
My personal choice between the two is definitely the M60 with FM34. I carry my C2/M60/FM34 combination everyday (along with an L1), and it gets used frequently. Most often I use the light with the diffuser on, indoors for looking for things. But when I'm outdoors (and I live in a rural area), the M60 with FM34 flipped off is what I go to when I need to see something far away. That said, I use my G2 with M60LF as my primary light on nighttime walks and such, given its superiority in the 35-65 foot range, as well as the output/runtime ratio. Either way, you can't go wrong, but the M60 with FM34 will give you much better flexibility, as well as a better flood, and a better spot. For me, I tend to view the M60F as a compromise between the spot and flood, for when you don't want the extra price/bulk of the FM34.