Lilo is precise while Grub is all over the place.
With Lilo you boot precisely that which was intended at the the time lilo was installed - not that which just happens to be there at the time you are booting.
With Grub you can go in and boot whatever you like - whatever's there on the disk. May sound attractive for a developer, but I'm not sure otherwise.
What I like about Lilo is chaining - just keeping things simple. So chain from the MBR to the partitions and there you get another prompt where you can choose which kernels you wish to run.
I like the Lilo interface - whether the plain jane or with the bmp image - but I have never yet seen a Grub prompt I have liked - they are far too wordy - but that is the fault of the people installing them - and I have found the text difficult to read - especially with graphics.
Lilo prompts are clear, crisp and they force the person installing it to be precise and not write an essay
