I own both, and it looks like the SUN deal is a game changer. Why would you buy ETP over ETE, if you look at the long term growth profiles. From an analyst that I think is one of the best in the sector, projections over next five years. ETE growth over next five years 18% per annum, vs 6% for ETP. In '17, ETE dist of $5.36, ETP dist $4.96. Put a multiple on those, ETE 4% yield, $134 unit price. ETP 6% yield, $83 price. You do get a higher dist, currently around 2-3% pts, but doesn't seem to justify ETP over ETE. The long term rule of always buying the GP seems to still hold. ETE returns 220% roughly and ETP, 130%. Seems an easy choice. But most investors will probably look at the dist differential in the short term.
I also own ETE vs. ETP. I believe that the higher distribution growth rate will result in a much larger total return over time. If ETE can come close to growing its distribution by 18% per year, it will significantly outperform.