LME is 20% water, to convert between the two, multiply or divide by .8
5# DME / .8 = 6.25 # LME
5# LME x .8 = 4# DME
5# LME is typically cheaper than 4# DME
all the other pros and cons are accurate. I will typically use LME when i want to save a buck, and am not concerned with a point or 2 difference in color. Several of the disadvantages can be overcome by technique.