Apart from the size of the subtree being smaller, the QS score of the capture with the lower SEE score is often better. This because the SEE score of the capture of a higher victim cannot be lower than that of a lower victim without the former exchange involving a recapture. E.g. if you can capture a Rook with SEE = 2 (say BxR, PxB), and you can capture a hanging Knight, with SEE = 3. If you start taking the Knight, the opponent will rescue the Rook, and you end at +3. If you capture the Rook first, after the recapture you are at +2, but still have the move to reap the remaining +3, for a total of +5. And if he saves the Knight in stead of recapturing the Bishop, you withdraw the Bishop, and have grabbed a free Rook, also for +5.Tord Romstad wrote: after you capture the most valuable enemy piece and the opponent recaptures, the capture with the highest SEE value will usually still be available, and because the remaining material is smaller, the subtree size is also smaller.
You only have to be careful when the capture of the higher victim involves an odd number of ply to reap the SEE score, e.g. QxR, RxR, KxR for SEE = +1 (assuming Q=9 and R=5), so that the opponent ends having the move. Now an also existing PxB (SEE = +3) should have priority, or the Bishop will get away. So a PxB (+3) is better ordered before a QxR(+1), despite both having SEE >= 0, and R > B.
This is why I prefer the Joker ordering over the Glaurung ordering. The PxB(+3) in that case will get sort key +3, as it is a LxH capture, which is ordered by victim (like equal captures, btw). The QxR(+1) is a HxL capture, though, and will thus get its SEE score of +1 as sort key, and thus is sorted behind the PxB. This would even happen if the B was defended (so that it had SEE = +2).
Note that this also reduces the overhead of applying SEE: if good and equal captures are going ordered by MVV, as Glaurung does, there is no need to calculate the SEE for LxH and equal x equal captures, as the SEE cannot possibly be negative. So you know they are going to be ordered by MVV in advance. Likewise in Joker, only SEE for HxL captures has to be calculated. The difference is that in Joker the HxL captures get ordered later, based on their SEE, even if they are good, while in Glauring they would be ordered by Victim, if they were good. This makes no difference for capturing undefended pieces, as there SEE and Victim value are the same. But it does matter for exchanges of the type R vs 2 minors or Q vs 2R, where H x defended L can still be good. Joker delays those compared to Glaurung, because they make you lose the tempo.