ESNext is more modular. You can use just some features which may or may not require a runtime. It just depends. Overall Traceur is "better". But ESNext is nice if you just want feature X and don't want the overhead of having to support everything.
[edit] It's not clear to me that this project compiles to es3, but that was my assumption when reading "JavaScript that will work today".
P.S. IE9 doesn't support ES5 strict mode so "use strict" might introduce some subtle bugs for that case.
http://kangax.github.io/compat-table/es6/
Though admittedly facts like whether they support source maps (such as Traceur) or preserve comments (not Traceur) are omitted. EJS is impressive though.
https://github.com/toshok/echo-js
(It's definately this repo: https://github.com/kangax/compat-table/pull/115 )