They do two different things.
I was never that interested in Loop Protect until the day an incident occurred that would have been prevented by it....
So nowadays, I'll put on STP, BPDU protection, Loop Protect, DHCP snooping, make sure IGMP snooping is on and querier is disabled (except on the core(s)).
UDLD has come in handy with HP 10Gb GBICs, and that's another one I hadn't bothered with until the GBICs started failing.