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Pro Highly secure
What HaLVM does in simple terms is to provide only the minimal needed for an app to run. It provides only the required network and hardware drivers needed to execute.
Using this approach it minimizes the attack surface for potential hackers since they don't have any shell to log into or any other insecure cruft that other deployment methods, such as full operating systems have.
Con Compiling from source can be problematic
Usually with cutting-edge software the compilation process never really goes as expected. Same is with HaLVM as well.
You may need to install additional libraries that are probably missing or even tweak configurations here and there. So it would be best to avoid this process if you don't feel comfortable enough with compiling from source. So you have to stick with the package manager of choice (if it's available for the particular Linux distro you are using).