Hugger offers more protection, but costs more and some don't like the look of em, shock guard will only protect the shock, not the rear of the engine, swingarm etc.
I have a tecmoto hugger, its proper pre-preg carbon not the fake cr@p that others sell - they will fit it FOC while you wait, and offer you a cold Becks too
[Edited on 9-2-2004 by DJTera]