It depends exactly what you want.
Ball joints and universal joints aren't directly comparable as universal joints can transmit torque (as in drive shafts) whereas ball joints just provide location.
There isn't an inherent difference in friction between the two as this will depend on manufacturing tolerances.
The big advantage of a ball and socket joint is that is can provide precise location of a pivot point but allow free movement in rotational axes. On the other hand a universal joint moves more freely in some planes than others as it is the combination of two axes of rotation.
It really depends whether you just want rotation about a fixed point (as in a tilt/pan mount for a camera) or transmission of axial torque (as in a drive shaft).
Often ball joints are designed with a moderate amount of friction just by being a tight fit, however there are are also spherical bearings which give rotation about a point in 3 axes and may give you more options.