I've been using a liquid instead of a pencil/stick for the last few weeks and I have to agree, it just doesn't seem to be that great in comparison. In fact the only advantage I can see is that it doesn't leave the white powder when it dries. Meh...........
I have not tried the alum block, but I'd agree with letterk that the pencil is superior to the liquid. It works every time--how many things in your life can you say that about?!
I think most would beg to differ. A styptic pencil or powder is usually far superior at stopping real bleeders than an alum block.
Don't get me wrong, I use an Alum block almost daily and they certainly stop those annoying little weepers but they have little/no effect on anything a bit more serious.