LiteRenderer is the simpler and smaller one. It is simple and lean, with low memory overheads since it works in full streaming mode, that is, it loads and processes only one feature at a time from the persistent storage. This is also its Achille's heel, since it has to load everything from the data store every time it renders the map. As such, it is better suited for stateless rendering, where the MapContext is displayed just one time, and when the input data is so big that it cannot conceivably fit into the main memory.
In the meantime this renderer supports on-the-fly reprojection (coordinate reference system changes).