When comparing Electrum vs Multibit, the Slant community recommends Electrum for most people. In the question“What are the best Bitcoin wallets for Windows?” Electrum is ranked 2nd while Multibit is ranked 4th. The most important reason people chose Electrum is:
Electrum is a hierarchical deterministic wallet meaning both public and private keys are derived from a seed. In case the wallet needs to be recovered, you can do that using the seed. Electrum uses a 12-word mnemonic passphrase and asks you to re-enter the seed the first time it generates the keys to make sure you understand the process.
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Pros
Pro Recoverable by seed
Electrum is a hierarchical deterministic wallet meaning both public and private keys are derived from a seed. In case the wallet needs to be recovered, you can do that using the seed. Electrum uses a 12-word mnemonic passphrase and asks you to re-enter the seed the first time it generates the keys to make sure you understand the process.
Pro Explicit change addresses
Pro Handles access to same wallets by multiple instances of the program well
Pro Allows having multiple wallets open at once
Cons
Con You have to trust Electrum servers
As with all thin clients, you have to put some amount of trust in the servers that the wallet connects to for verification.
Con "Multibit is Deprecated - Do Not Use"
"Thus, KeepKey will discontinue support and maintenance of Multibit, effective immediately. We recommend that all Multibit users discontinue using it and you move your keys to other wallet software of your choosing." - https://github.com/Multibit-Legacy/multibit
Con You have to trust Multibit servers
As with all thin clients, you have to put some amount of trust in the servers that the wallet connects to for verification.