As long as the hubs have the right dimensions spec'd and toleranced right (not aware of any that are not) there is hardly a difference. There may be a difference in the bearings used, but those are easily changed.

My experience is that the bearings that come stock in Surly hubs are crap and will wear out quickly and new or old can not be set up to run smooth with no play. Equivalent replacement $6/ea.
Phil spec'd bearings work great - $9/ea
The bearings that come stock with the one set of Formula hubs I have work great too.

Also don't be swayed to much by how long an unloaded wheel spins on the stand either. Some bearings have a very small bit of constant drag that does not increase with load, but will prevent a 'forever' spin. Others may be very free running when under no load, but that doesn't mean they run just as friction free with a load.