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Pro Supports any filesystem
LILO does not rely on the file system to locate the kernel, instead it points to the first logical sector of the kernel file. Because it practically works around the file system, it supports any file system available.
Pro Compact and fast
Con Support will be dropped on December 2015
The maintainer has announced that support for LILO will be dropped on December 2015 because of several limitations of LILO itself. Though development may again restart in the future and the maintainer is looking for people to continue the project.
Con Can only load Linux
LILO (Linux Loader) can only be used to load Linux.