The Hook has a much higher current limit, and it'll read resistance. I did some reading around before I bought a Power Probe, and a lot of people agreed it was just too damn big, though. Granted you can replace the tip with a lead and whatever probe tip if you need to, but that gets to be tangled mess easily.
I decided on a PP3, and it works well for me. Outside of the power function, I only use it for checking voltage on a bunch of things, like checking fuses quickly. I couldn't see wanting to do the same with resistance very often, usually just a few points and I use the meter. Spend the extra money on a set of interchangeable leads, lead extensions, and a set of probe tips IMO.