Put it this way. Lilo stands for Linux loader and is therefore the boot loader designed for Linux. There is nothing wrong with it. It can be used to boot 27 images (or operating systems). Lilo has a very small footprint enabling it to reside wholly in the boot sector and to survive even after the Linux has been nuked.
GNU/Grub has ambition outside Linux. It is easier to work with and has one feature that no other boot loader has----->it can be used to boot any system manually and installed without being attached to an operating system.