I understand the difference in operation & cost, but in practical use does the LSD have any shortcomings over the Locker?
Just like above. ÂÂ
They slip more then they should. ÂÂ
This is only my opinion so no flaming, but...
I've had several vehicles with factory LSD installed and none of them compare to the performance of a true locker, off the road.  ALL of the LSDs would let me down when 1 of my tires left the ground and forward progress would stop.  No amount of LSD would help me get higher up the road (no pun intended) and would leave me stranded or forced me into resorting to use other methods  (faster/harder).  ÂÂ

This one feature of a LSD, means to me, that it's a pile of worthless junk in my axle housing.
The LSDs ONLY single advantage over a true locker, for me, is under sharp turning on the ice and snow.  (I travel to and from a ski resort all winter long up a very curvey road)  The LSD has plenty of give between the tires during cornerning to provide superior traction over and open diff and marginal traction over a fully locked axle, which provides zero slip and tends to push the vehicle straight.  However, this pushing is easy to over come and is a very predictable behavior. ÂÂ
But if I get in too much trouble in the snow and ice, the LSD lets me down again, by not providing enough grip to BOTH the axles and I've got a one-legger again.
As for the advantages during the rest of the season? ÂÂ
none.
The traction advantages of a full locker seem to always outway those of a LSD.
Again, this is just my opinion and I'm sure that other people have other thoughts and they are free to express them here to be able to provide you with the feedback you asked for.  But this is my story, and I'm stickin to it.
~Nate
P.S.  And yes, I've been VERY sure to use the appropriate fluids and have even tried the expensive aftermarket 'traction additives' with my LSDs and have had zero results.  (what a gimmick)
whew