These two collations are effectively the same. They are both Case-insensitive, accent-sensitive, and have the same codepage, 1252.

select collationproperty('SQL_Latin1_General_CP1_CI_AS','CodePage')

select COLLATIONPROPERTY('Latin1_General_CI_AS','CodePage')

One is windows collation and one is SQL collation but I dont think one is more correct then the other unless your applications require it.

This KB article is specific to 2000/2005 but most probably still applies http://support.microsoft.com/kb/322112 .