Some great material on the Humboldt Squid can be found here--this was written by the researcher who was interviewed for the Disney documentary. It features an amazing photo of the effect I was describing:
http://diver.net/seahunt/fend/f_scottc.htm
In my opinion, the squid would look cooler, and according to Mr. Cassell's observations, would probably get in at least a few licks on that ole eel...