After reading the Arctic Silver website, I found these things:
1. Arctic Silver 3 will probably cause lower temps.
(It is only electrically conductive in a thin layer under extreme compression.)
(While much safer than electrically conductive silver and copper greases, Arctic Silver 3 should be kept away from electrical traces, pins, and leads. The compound is slightly capacitive and could potentially cause problems if it bridged two close-proximity electrical paths.)
2. Arctic Alumina is easier to clean up and is neither electrically conductive nor capacitive.
After reading this, I would personally choose Arctic Silver 3.