When comparing Solar 2D (formerly Corona SDK) vs Leadwerks, the Slant community recommends Solar 2D (formerly Corona SDK) for most people. In the question“What are the best game engines for beginners and non-programmers?” Solar 2D (formerly Corona SDK) is ranked 12th while Leadwerks is ranked 36th.
Specs
Ranked in these QuestionsQuestion Ranking
Pros
Pro Very simple to use

Pro Free
Corona SDK is completely free. That includes pro-tier plugins.
Pro Corona Simulator
Corona SDK ships with Corona Simulator, which runs your game/app directly on your PC/Mac and updates every time you make changes.
It provides immediate feedback to your actions, you can see your changes right on the screen, without necessity to make build to device. Getting instant feedback really boosts tenfold prototyping and development speed.

Pro Good documentation and lots of tutorials
Pro Content scaling
It's easy to create a game that looks good on many different sized mobile devices.
Pro Live builds - update builds running on a device automatically
With the live build feature, once you have created a build and installed on a device, you get lightning fast turnaround times because any change on the code or data is updated to the devices running the game (within the local WiFi) immediately. So changes can be tested on the real hardware within a very few seconds.
What's even more impressive, this even works flawless with multiple devices running the game. You have to use it to learn how good of a feature this is while development and even more, while doing QA. Imagine fixing bugs and everyone of your QA team/friends/whoever helps to get your game done, has all changes on his device without doing anything but waiting 5 seconds - outstanding.
Pro Lua syntax
Uses the great and easy-to-learn Lua programming language.
Pro Very comprehensive API
It's very quick to get things up and running with Corona SDK. The API is extensive and while it's not 100% feature-complete with the iOS API, it's close enough that you could create tons of games and never run into a roadblock.
The API docs can be found here.
Pro Amazing learning curve
Corona does not throw photoshop-like madness full of buttons editor. You can go as fast as you want, learning and building game from ground up. Eventually, you'll learn how much corona is doing for you. But to start you don't have to master complex editor software. It's a great tool to learn to start game development if you want to learn how to program and make games. Your experience will be 100% transferable to any other Pro game engine.

Pro Cross-platform desktop and mobile
Corona works on OS X, Windows and Android (including Kindle Fire & Nook).
Pro Marketplace for 3rd party plug-ins

Pro Great community

Pro Ability to call any native (C/C++/Obj-C/Java) library
Pro Completely free
Since Corona SDK became Solar2D, it's completely free, as only some third-party plugins are paid.
Pro Open Source
Since Corona SDK became Solar2D, it's completely open source under MIT license.

Pro Well supported
Pro Very good entity system, did have GUI functions, easy to use terrain editor with vegetation system.
Good API tutoials, workshop elements which can be loaded from steam.

Pro Both Windows and Linux supported
Pro Built-in level editor
Has an acceptable 3D map editor that is easy to use.
Pro Versatile flow diagram script model
Leadwerks's flowgraphs resemble flowcharts where each box represents a function or value, with connections between them representing program flow. This provides a better at-a-glance indication of game logic than a simple list of events, and makes complex behaviors easier to accomplish.
Pro Community forum offers plenty of support
It makes game developing much easier if you have someone backing you up when you run into a bug or other issues, and get replies within hours .
Pro Decently sized library of tutorials for both Lua and C++

Pro Very clean and easy C++ API

Pro Lua scripting support
Pro Reasonably priced
Standard edition of Leadwerks costs 92,99€. Additionally, it often goes on sale on Steam.
Pro C++ scripting support
Pro Terrain editor
The terrain editor allows sculpting, paint, vegetation placement and importing of external maps. Especially the painting is done very well and can lead quickly to very professional looking results.
Pro Easy to use API and scripting language
Cons
Con Free, but not completely
Con Making a device build requires internet connection
To build your app for the device (iOS/Android/AppleTV) Corona requires to fetch resources from online. This would include base application template and plugins. This allows not to perform local build or use Xcode or Android Studio to do a build. Even Large games/apps would build very fast with good internet connection.
Your code never leaves computed. Corona SDK would transfer some information to determine which plugins and pieces has to be transferred in order to make a final steps in build.
As a bonus - you get basically one button press to get from your Corona Simulator game to game on a device.
Con Little to no support
This product relies on community support, although some members are helpful and quite approachable they don't like to share their secrets with people that are new to programming.
The product is sold as a Full featured platform but it seems to more in the Alpha stage of development as a lot of the good aspects where taken out in previous versions.
Con Has a track record of broken promises
Con Forums are poorly run and censored
Con Highly misleading advertising
Con Only prefabs made with the Leadwerks IDE could be used.
The two main problems for me is that C++ is not as easy to use like LUA. The IDE should also support C++. The secons is that only prefabs can be used which are made with the IDE. So you can not easy made a game that can be modded by the user.
Con Weak out-of-the-box AI
The only AI movement function is going in a straight line.
Con Very buggy
Leadworks is a not complete, it's a work in progress. As such many parts of the engine are clunky, especially the level editor.
