I haven't seen the Franco flicks in the second ABUK set yet, but I incidently have all the movies cut in the first set (apart from "Sexy Sisters") also in the form of an uncut German set (which lacks all the extras available in the ABUK set plus comes without English subs for the preferrable German language track
).
Not to forget, the ABUK set offers a small, stylish DVD case for every disc whereas you have to fold out the German set "Masters of Horror" style.
All I can say after comparing the versions is that ABUK have done an admirable job with the BBFC requested cuts. They don't really harm the quality of the movies as much as you'd expect and when something does look cut, it's usually rather due to Franco's "experimental" style of editing than the fault of the UK release. I guessed the place of nearly all the cuts wrong prior to getting the uncut discs.
Even the cut-by-6-(!!!)-mins UK version of "Loveletters from a Portugese Nun" is actually watchable!
I personally like his Erwin C Dietrich produced stuff best, but there's still tons of Franco I have to seek out at some point.