Well, I just made the jump from cooler to Sanke/keggle MLT. I have done 1, 13 gallon batch in it so far. I am planning to do 12-13 gallon batches so my Igloo cooler is now to small...but so far I like my keggle MLT.
This is all IMO but should serve as a decent guide:
Cooler MLT
Pros:
-holds temps like a champ
-easy to come by
-light weight
Cons:
-no way of direct fire
-made from plastic and can melt, stain and crack unexpectedly
-does not match with keggles
-The igloo 10 gallon is batch size limiting
-not really chemical friendly
-possible carcinogen source
Keggle MLT
PROS:
-can be direct fired
-will last forever
-easy to clean with chemicals as needed
-matches the rest of a keggle brewery
Cons:
-it is heavier than most coolers
-possible legality claims
-doesn't hold temps well without help
-requires some decent engineering
The above is My opinion, I am not trying to discuss them here...
My MLT has a glass lid and a false bottom I made from the cut top as seen here:
https://www.homebrewtalk.com/f51/cut-keg-top-false-bottom-192413/
It also seems to loose about 10 F over 60min without direct fire. After using both I really like the Keggle MLT better than the cooler MLT but I only have 1 brew day in so far with it and it is a new finished part of my brewery so I may be favoring it slightly...lol.
Hope this helps in some way...