When comparing Rainbow vs Leadwerks Game Engine, the Slant community recommends Leadwerks Game Engine for most people. In the question“What are the best 2D game engines?” Leadwerks Game Engine is ranked 75th while Rainbow is ranked 79th. The most important reason people chose Leadwerks Game Engine is:
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.
Specs
Ranked in these QuestionsQuestion Ranking
Pros
Pro Open source
Distributed under the MIT License.
Pro Written in modern C++, is scriptable in Lua
Pro Cross-platform
With support for Android, iOS, Linux, Mac OS X and Windows.
Pro Optional FMOD audio engine
Pro Supports Spine
Pro Physics
Box2D integrated with Lua bindings.

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 Built-in level editor
Has an acceptable 3D map editor that is easy to use.
Pro Handful of Prefabs and Scripts
For example, you take a model (e.g. torch), add a light source to it, add a particle generator (for fire) and save it as a prefab (one file). Then this prefab can be used to add many torches with fire and light.
Cons
Con Not as feature-rich as other engines
Con Small community
Being fairly new on the scene, there aren't much of a community to speak of.
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.

Con Documentation and support are limited for non-coders
The flowgraph editor can be used with free script assets to build games without writing any code, but this is not directly intended or encouraged by Leadwerks.
Con Highly misleading advertising
