I've never made liquid smoke, but general knowledge makes me think that the condensation method will produce a much "cleaner" liquid containing more smoke flavors and aromatics by leaving behind a lot of the harsher flavor and aroma compounds. The brewing method( I'm a long time home brewer) is going to retain those harsher compounds and then concentrate them when you reduce the liquid. If you did decide to try both methods, I for one would be interested in the results of your test.
