What exactly do you plan to use the pistol for? The only real difference between the 17L and 34 is the barrel length, 6.02 vs. 5.43 inches. So if you want the longest sight radius possible, go with the 17L, while if you want something a bit more compact, go with the 34. Both pistols will of course give higher muzzle velocities when compared to the 4.49 inch barrel of the standard Glock 17. The 17L will give the highest velocities in terms of absolute maximum feet per second, but I don't imagine the 17L producing velocities that are significantly higher than the 34 (assuming unported barrels for both of course), since the difference in barrel length between the two is only 0.59 inches. Also, as Navy Joe mentioned the 17L is too long to meet the size requirements for IDPA and USPSA production pistol class matches, so if you ever plan to shoot in such matches, the 34 is of course the way to go.
Incidentally, since the 17L is out of production the prices for 3rd generation models isn't likely to go down any time soon (if ever). So if you are leaning towards a 3rd generation 17L, you might as well get one now, because they won't be getting any cheaper (though used 1st and 2nd generation variants can still be found at relatively low prices).