LILO ruined my life.
Well, not really. But it did
directly contribute to the complete ruin of one of my early Linux installations by eating my partition table for no good reason.
From what I've read over the last couple of years, the consensus seems to be that Grub is a better bet all around. LILO is said to not handle errors as well as Grub, and is more prone to failure due to the fact that it stores vital information about your system in your hard disk's Master Boot Record. If that gets corrupted or changed by the installation of a new OS/kernel, you could be in trouble. A poorly-configured LILO can leave you with an unbootable system, whereas Grub will allow you to boot manually when things get wacky. I've taken advantage of this functionality on more than one occasion.
There are plenty of LILO vs. Grub articles to be found via Google. Here's one, though it may be a bit outdated: http://lwn.net/Articles/89772/
Of course, as always, Your Mileage May Vary. I'm no expert, but I've had a far better experience with Grub than with LILO. Good luck!