Stew
This is a really good question, and a lot more complicated than it may seem. I think one major factor would be whether the fallen tree has recently fallen (wind damage, human intervention), or is it a collapsed snag (i.e. long dead)? jojo's point about how long the tree supports life is an important one.
Sapper is probably also right about fallen trees being more accessible, but one thing to bear in mind is the fact that standing trees offer habitats for many rare vertebrates such as bats. Many birds of prey also find snags make good perches from where to spot prey. Bearing in mind the usefulness of a snag for this purpose might depend on whether it was found in the middle of a dense forest, or on otherwise open heathland?
As a rule of thumb there are relationships between habitat structural diversity (3-dimensional structure e.g. tree heights, canopy forms, ground surface) and biodiversity. This is because 3-D structure creates many different micro-climatic conditions that allow niche species to exist.
Your question raises lots more questions such as how do you define 'more' life? Do you mean greater biomass (i.e. does a large animal count as being 'more' than several smaller ones, or is it the other way round?), or is diversity important (in which case does one individual from a rare species count as 'more' than several individuals from very common species?)
The mind boggles.