Note that the first one (with threaded lockring) allows the smallest cog to be positioned optimally, then fixed on the splines, which is to preserve the intent of Hyperglide, having all of the tooth features line up a certain way.
I much prefer Uniglide freewheels for friction shifting, it gives a more confident drive that won't ever self-shift without much audible indication occurring first.
I prefer Hyperglide freewheels for indexed shifting, it transmits power more evenly during shifts and so is quieter and doesn't require one to reduce pedaling effort while shifting.
For riders who don't ride out of the saddle much, either type might seem as good and safe as the other, but you sure don't want any slippage while shifting (UG) or unexpected shifting events (HG) while riding off of the saddle!