I really hate comparison posts like this, but here goes:
Define 'better'. You're comparing two different technologies here - it's like asking whether a four-door Toyota sedan is better than a Porsche Carrera GT. To sum up the technology involved...
Nuwai Quantum-III
Power Source: one CR123 cell
LED: LuxeonIII (rated to have a lifetime of 50,000 hours till LED drops to 50% of original brightness)
Current usage: between 552-762+ mA at 3V
Observed runtime: 60-90 minutes at high power, then tapering off rather quickly afterwards
Switch type: Reverse-clickie
Surefire L4 Digital Lumamax
Power source: two CR123 cells
LED: Luxeon V (rated to have a lifetime of 500-1000 hours till LED drops to 50% of original brightness)
Current usage: approx 1000 mA (1A) at 6V
Observed runtime: 60 minutes at full brightness, with light tapering off quickly afterwards
Switch type: LOTC clickie (Lock-out Tail Cap - twist a bit to keep it from turning on)
As you can see from the above specifications, you're trying to compare two completely different beasts. However, some general observations - the LuxIII is generally better for throw than the LuxV, but the LuxV is a better flood light. The Quantum III's main weakness here is that it's a one-cell light, which means it's compact but shouldn't be depended on for long runtimes. However, it DOES throw a few hundred feet without problems. The L4's extra length shouldn't matter to you if you're using a belt-holster to EDC it, and while it's not a throw-monster, it'll light objects up at short to medium range without issue.
Different requirements, different answers. If you need throw, then you should probably look at an L2 or L5-series flashlight from Surefire, if you need a lot of illumination. If you're willing to sacrifice some brightness for better overall throw, look at using a Lux-III powered light from one of our flashlight makers (the Aleph 3/2x123 combo comes to mind) as you'll get a very white light with excellent reach. Another possibility, if you need only a spotlight, is to look at the Inova XO3 and T3/T4 lights. But if you're doing any serious work with a light, you'll probably want to go with a 2x123 based flashlight - the extra runtime you get with a second cell on a LuxIII-based light will outweigh any benefits a one-cell light would give you.
Moreover, I'd suggest reading the forums a bit - these sorts of questions have been talked to death before. Bottom line - LEDs don't throw that well yet. Look at more specific requirements, then do a bit of reading to see what other reviews have said.
Sites you may want to check out include the
The LED Museum and
The FlashlightReviews.com page, as well as
Torch Reviews.
(Edit: Changed '562mA to 552mA, as per Cones' review).