I haven't played it yet, and I've only played third edition recently for my first time, so here's my take for what it's worth.
My hunch is I'll like torchlight variant more simply because it will make me feel like I actually have some say in what happens. It may not be much, but I'll at least have some meaningful decision to make. Deadly trap this way, or less deadly trap that way?
My experience with third edition was very much the cliche'd one, that I'm sure many DQ fans enjoy; it was essentially totally random. See here.
It was cool, and good for a laugh (I did thereafter buy revised edition), but what's the point of having treasure cards and catacombs, and choosing which way to go, and all that, if ultimately you're moving blindly into a die roll? It's not challenging at all. It's random.
No amount of skill or planning can overcome and entirely random series of events. May as well just sit there and roll dice until someone rolls a 1. It was just too random to feel like any decision I made had any bearing at all on the outcome.
I'm looking forward to getting revised to the table and trying it with the Torchlight Variant. I'll be sure to provide my feedback once I've given it a go.