There is a major difference, in that purplesn0w patches some routines while ultrasn0w executes an extra process. However the process is executed only once and then becomes dormant and is never run again (presumably until reboot). See MuscleNerd's twitter at
http://twitter.com/musclenerd : "interesting alternative to ultrasn0w but fyi it provides no battery savings. ultra "executes" only once, right after bb reset"
So, no difference in battery life between the two sn0ws at all.
I'm just about to try this though ... no need, just out of curiosity ;-) I'll got for purplesn0w seeing as purplera1n worked so well for me.
EDIT: no joy, not with my old 3 (UK) SIM. Just sits there alternating between "searching..." and one bar of signal (no carrier name displayed). And it made the phone sloooooowww. Uninstalled and going back to trusty O2. Maybe I'll try ultrasn0w later.