When comparing lynx vs Qutebrowser, the Slant community recommends Qutebrowser for most people. In the question“What are the best web browsers for Linux?” Qutebrowser is ranked 7th while lynx is ranked 25th.
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Being a text-only browser that runs inside the terminal makes Lynx very lightweight and minimal since it doesn't need much resources to run and too many things to render (pictures, videos etc...).
Pro Useful for web developers
Since lynx does not load images or any graphical content (just like crawlers) one of these could be to test their website and see how search engine crawlers 'see' each page. Lynx can be used by web developers to test their websites for different reasons and applications.
Pro Fast and light on resource usage
Pro Highly customizable
And quite easy to configure. You can even write your own config.
Pro Vim-style keyboard shortcuts and commands for rapid navigation
With suggestions/auto-complete to reduce the learning curve.
Call custom scripts on web pages or links (hinting mode).
You can use this for downloading of videos (youtube-dl, adfree), saving web pages as pdf or adding news sources to your RSS reader (newsboat).
Con Text-based only
Lynx is a text-based only web browser and it's the oldest browser still in use. Being text-only, it's not very useful anymore outside some niche use cases.
Con Steep learning curve
If you're not a vim user it will take some time to get used to the shortcuts.
As it is mainly written in Python it's startup is slower than the competition.