I should have done my research before I asked the question.
Now that I have, it looks like, to me, that the main difference between the two is nothing more than the color, and, in some cases, the price. Purple Ice seems to be generally more expensive. Other than that, you pick the color you like best, Purple or Hot Pink and put it in, if you want to put anything in at all in addition to anti-freeze. It looks like Purple Ice and Water Wetter are essentially the same glycol that's in anti-freeze, just in a more concentrated form. The independent tests I read showed the most temperature reduction when added to plain water in engines that don't run any antifreeze. The tests when added to water with anti-freeze in it showed very little reduction in temperature since it's pretty much like adding more anti-freeze to anti-freeze. That explains why anti-freeze actually increases the cooling capacity of water in addition to keeping it from freezing.
So, pink or purple, whichever color you like, but really only if you don't run antifreeze.
(I welcome contrasting points of view from responsible individuals.)