This has probably been answered but I tried searching and couldn't find anything. Can anyone give me any input on the babicz 3 point bridges that gibson was using vs the hipshot replacement 3 point bridge?
They both sit against the body. It's really personal preference. I use the Hipshot. Not so much because I love the aesthetics, but I love the adjustability of their saddles. I like to narrow the string spacing as much as possible and they allow that. The Babicz does not. I've used Hipshot's type A and B bridges on another bass that they're also great. So is the company. I have no personal experience with Babicz.
I have not used a Hipshot because I do not like the way they look. It is a shallow thing.
Three point bridges work just fine but are a bit fiddly to set up. The saddles fall out if you don't have strings holding them down, and the inserts can pull out under certain circumstances. Once set up, they are rock solid for intonation and stability.
Babicz bridges are a whole lot more adjustable. Instead of being made with the fretboard shape integral like a three point, each string is adjustable for height. The intonation mechanism is clever. I like it a lot, and I find it easier to set up. In the end, it is not much more stable than a well set up three point. I do not find that a Babicz makes much difference in sustain. This is purely subjective because I never timed it.
I think string spacing may be adjustable with a Hipshot. Jeff or somebody else who has one will have to say for sure.
I got along fine with three points for a long time. They are a huge improvement over the old Gibson two point bridge. The three points on my Gibson Thunderbirds are all Babicz now, mostly because I can. They are a bit easier to set up and I like the way they look. It is a shallow thing. I also have no urge to alter the string spacing, just height and intonation.
Did you try searching? I kid!
When I was looking at swapping out the 3 point bridge, I spent a bunch of time comparing Babicz and Hipshot. From my reading (I never did an A/B test) it appeared that from a features point of view, the two were about equal (string height, string spacing, intonation etc.). It also appeared that both provided the improvements I was looking for. Then there are a number of places that argue one over the other, but it struck me that a lot of the preference was opinion. SO, I ended up opting for the Hipshot primarily because I could buy direct and many had great things to say about their customer service (which I eventually experienced first hand and it was spectacular).
I will offer the caution with the Babicz that @bylar13 has discovered that doing windmills with one installed can be a bloody great experience...

If we're sheltered enough, maybe. Oh, the low tomorrow night is s'posed to be 66. FL in "winter".