When comparing Luakit vs w3m, the Slant community recommends w3m for most people. In the question“What are the best web browsers for UNIX-like systems?” w3m is ranked 25th while Luakit is ranked 32nd. The most important reason people chose w3m is:
Although w3m is primarily a text-based web browser which runs inside the terminal, it supports and renders several elements which other terminal-based browsers cannot like images, tables, tabs or frames.
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Pros
Pro Fast and lightweight
A browser based on webkit, and uses vim keybinds.
Pro Highly-configurable
Pro Support for several elements not found in terminal browsers
Although w3m is primarily a text-based web browser which runs inside the terminal, it supports and renders several elements which other terminal-based browsers cannot like images, tables, tabs or frames.
Pro Available as emacs plugin
W3m can also be downloaded as an emacs plugins to be used as a fast web browser that runs inside emacs.
Cons
Con Only white screens for viewing
Only white screens for viewing and a dark side bar, which should be the the other way around, since we don't spend most of our time looking a the side bar, to begin with!
Con Steep learning curve
Being a terminal web browser w3m has a certain learning curve because you need to learn the keystrokes and different commands.