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Pro Included receiver gives more flexibility and uses for system compared to LiveMIC2
The transceiver can still connect to compatible mobile devices directly by Bluetooth. But if latency becomes an issue such as with an echo effect, the included receiver can be used so long as the mobile device in question has a 3.5 mm jack for the receiver to connect to.
Having a receiver means the system can be setup to work like a Chromecast Audio enabling wired speakers or headsets with wireless capabilities.
It is possible to use a different Bluetooth receiver than the one the manufacturer made and included in this combo, but YMMV. A USB to Bluetooth adapter was a commonly added item on Amazon for the Nolan LiveMIC2, presumably for laptops and computers with less than Bluetooth 4.1 capabilities, so it's a path well traveled.
Pro Potentially better performance for delayed audio issues/ echo effect
Compared to the standalone transciever product from the same company Nolan LiveMIC2. The product description boasts of .02 second latency and that this is 10x lower (faster) compared to other Bluetooth products.
Con Latency Lag can still be issue if not using the included reciever
If you use the included receiver, the lag/latency should not be a problem or much reduced at least.
At this price range, budget analog transceivers and receivers with far better range capabilities are available.