I have both, and it depends on what you want.
The SL 3AA Lux is brighter -- far brighter. However, it only takes about four hours before the batteries dim sufficiently that it's no brighter than a UK eLed. By six hours of runtime, it's noticably dimmer. The UK, however, run for 11 hours or so, with constant brightness. These highly informal runtime tests were conducted using the same set of NiMH batteries. Note that the SL 3AA takes three batteries, and the UK takes four. Essentially, they both use a 4-pack of batteries. You get four or five hours at or above a certain brightness with the SL 3AA, and elevent hours with the UK.
If you're going to use your light for short periods of time, and have the ability to either change or recharge the batteries, you'll like the SL 3AA better. It's brighter over the short run. However, if you won't have the luxury of changing batteries, such as in some sort of an emergency situtation, the UK is the clear winner.
Oh, and even though the UK is dimmer, it's still sufficient for most tasks. Outdoors on a moonless night, or in a dark room, the UK puts out plenty of light for anything you will want to do. The UK is also Division 1 haz-mat rated. This may or may not be significant to you.
In fact, to go out on a limb, if I could only have one flashlight in a crisis, I would probably pick the UK. The small form factor, coupled with the long runtime with predictable and adequate brightness is hard to beat.