I feel like this side-by-side image says a lot.
There's no question, the TCI provides much better protection. At the same time pretty much everyone I've talked to agrees that the TCI is an ungodly PITA to install. It's been my experience that somehow the brackets and fasteners relocate themselves every time I remove the plate to change the oil, making re-installation a similarly frustrating exercise every few months.
If the ricochet/moose type plate is all the protection you need, then by all means, it appears to be much less hassle.
Of course, this picture says something too:
I'm not exactly sure what the rock that scarred the top bar of that left TCI engine guard would have done to my side cover, but I'm glad I didn't have to find out.
In short I hate the hell out of that TCI plate when I have to take it off or on, but I love it when I'm out riding.