I prefer straight acid. While acidulated malt (the only one I've used is Weyermann, I'm not familiar with any other options) is MOSTLY consistent, every so often I'll use some that is widely more or less acidic than normal (and is directly correlated to a specific lot number).
Additionally, lactic acid is cheaper than acid malt.
The one pattern I've noticed that I have no hard and fast explanation for (though I have theories, and it could well be specific to my processes and not translate to others) is all else equal, using lactic acid vs acid malt (by replacing base malt with acid malt) to reach the same mash pH, acid malt seems to result in a slower climbing of pH during the sparge, while the use of straight acid sees about the same or slightly lower kettle pH pre-boil, despite the higher final sparge runnings. (Note that this is specifically if the mash is acidified but sparge water is not. If I acidify the sparge water it's a different scenario).