SpecsUpdate
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Pros
Pro Good support for controllers
Most controllers are configured automatically.
Pro Built on top of RetroArch
It's based on RetroArch OS
Pro Cores (emulator support) can be downloaded via interface
It's easy to add new emulators, even if you compile them yourself.
Pro First to get new Retroarch features implemented directly
Because they're part of the RA team, of course. :)
Pro Highly configurable
A lot of customizations and advanced options available.
Pro Supports different frontends
Lakka has different frontends in case your IoT is too slow for the default one.
Pro Different interfaces for different scenarios
Some interfaces like rgui makes the OS possible to run fine even in the Raspberry Pi 1st gen.
Cons
Con Terrible User-Interface
The interface includes various submenus which makes it very hard to use
Con Needs the whole Disk
There is no option to install the system in dual-boot with another OS on one hard disk drive.
Con Adding new games and scans can be difficult if you don't have some knowledge
You need some knowledge if you want to add a different rom (lakka, like retroarch, supports only no-intro naming, there's no generic scan like emulationstation).
Con No built-in GUI to manage Bluetooth devices
It needs to be done over the CLI.
Con Uses RetroArch
A multi-emulator needs to make compromises.
Con No persistent BlueTooth pairing
Every time you restart Lakka it will lose all of its BlueTooth devices.