Grub offers some advantages over Lilo, and reading the Grub docs looks like offers more juice than Lilo, but Lilo has one little detail that Grub at present does not have: The raid-extra-boot="/dev/hdc,/dev/hde"
This means you have two physical hard drives, and you want them to be bootable. When you run the lilo command, it will update both hard drives MBRs. Cool, ha? Grub, on the other side does not have this capability.
What will be the point of having two hard drives but only one is bootable? Sure, the data will be there, but if the bootable hard drive fails, you have to make the none-bootable hard drive bootable to recover your data. Of course, I am talking about RAIDed boxes here. If you have only one hard drive, then Grub, probably, will make more sense to you.

This were my two cents.

Raxxal

I personally prefer GRUB coz I don't have to run the lilo everytime I update a kernel or make other changes.