So is flame fist the better variation as of right now?
They're both pretty even in my opinion, but I always thought Liu was pretty good in DF despite the community opinion; FF might be slightly better but it just comes down to personal preference really. The WP chip shenanigans that are causing the variation to get a lot of attention right now are going to die pretty quick; the move it pretty unsafe, but the variation is really solid now and having a parry is a nice little bonus.
FF has better meterless damage and a better closing game being able to do 16-17% guaranteed chip from F44 DD1 F12 WP LFB, but mid game you'll take a full combo punish for doing that. They both do similar metered damage, but being able to do more meterless damage means you have more meter for armor and breakers which is a big deal.
DF has better pressure than FF; FF has more guaranteed options from F213 SF and can impose frame traps with better range using F44 SF, but the trade off is that it's cool down based. You get one frame trap when you active SF, then you have to wait for it to go away be able to apply your frame traps again. DF's pressure is stamina based so you can apply it more frequently, get better mix up potential through F213 FBRC loops, and you can also spend meter for even more plus frames with BF2ex.
DF has a better set ups, but FF gives you standing resets so it negates the lack of set ups since you're leaving them standing, unless you want to go for max damage in which case you have to launch. The real strength of the standing resets, in my opinion, is ending a combo with WP without canceling it into a FB; you lose 4% damage to leave them standing at +56: everything's guaranteed. Similar to Lao's ex hat spin you can create mind games off the absurd + frames by staggering pressure and baiting grabs, and it's pretty much a free 14% grab so you can still net a 10% damage gain.
The zoning is pretty even now too but I'd give a slight edge to DF, despite FF getting the damage buff when SF is active. In DF, Liu's fireball goes from a high to a mid, and become chargeable. Mixing up your fireball patterns, which you should still be doing in DF anyway, can work just as well as having a chargeable fireball, so really it's just personal preference between the damage buff or the mid fireball.
TL;DR: FF has a stronger end game and better meterless damage which means you can save meter for armor and breakers, while DF has better pressure and zoning.