I've actually never done a laquer job, I always use enamel, so I'm hesitant to comment.
I've heard that lacquer gives a deeper luster, esp. lacquer clears. It kind of makes sense when you think about it--instead of sanding between coats, each one kind of marries the coat below it, partially dissolving it again.
This is actually almost no help whatsoever, but what the heck:http://www.duplicolor.com/solutions/faq.html
I'm always a big fan of the "run a test piece" approach. If you're still conflicted, invest the ten bucks and run a piece through both systems, and tell us which way you prefer. I think that technique (and notably attention to detail in prep) trumps product selection every time. Do the job right and either system will look incredibly good.