Wow- that's a great question!
I think that you could easily get 100 different answers on this, though. When I used a cooler for a MLT, I thought it was the best. It was light, easy to clean, held temperatures well, and was durable. I still use it sometimes.
I like my keg MLT, but I do use a HERMS so holding temperature isn't an issue at all. I have a tippy-dump, which helps, but it's still HEAVY. I mean, it's like 30 pounds empty. I have a few more pounds in hardware for the tippy dump, false bottom, attachments, etc. Add a few pounds of grain and water, and there is no way I could lift it. Still, I like it.
You may find that you don't mind heavy things, but something that is over 30% of my body weight (empty!) is a pain sometimes for me to deal with!