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Wei_Dai comments on Versions of AIXI can be arbitrarily stupid - Less Wrong Discussion
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By changing the prior, you can make an AIXI agent explore more if it receives one set of inputs and also explore less if it receives another set of inputs. You can't do this by changing an "exploration rate", unless you're using some technical definition where it's not a scalar number?
Given arbitrary computing power and full knowledge of the actual environment, these are equivalent. But, as you point out, in practice they're going to be different. For us, something simple like a "exploration rate" is probably more understandable for what the AIXI's actions will look like.