A well-known joseki

after 10, black clearly needs to capture.
There are several places where I have seen this used as an
example of tesuji; black should play as follows:

A well-known joseki continuation

 And now white plays somewhere down the side to use the wall. 
 Black's play is clever, the obvious descent of 1 at 2 leaves 
bad aji.  This is a tricky point as it also seems to take 
sente, so it is not so easy to be sure it is really worse.   
This is not my question, however.   What I've never understood 
is what is wrong with 1 at 3:

Not good?

This seems the obvious and clean capture.   Comparing this to 
the standard joseki, the difference is the exchange of marked 
stones here:

Tewari

This seems a natural exchange, and it isn't clear to me how 
forcing it now favors black.   I guess I can see how this 
exchange is white's priviledge, so forcing it can't really 
hurt black - but what other options does white have that make 
black prefer to have it settled now?