Advantages to FAA cert:
1) Reduced insurance rates. Seriously, 25% to 50% (50 is a little extreme, but seen it already)
2) Compliance to the requirements is shown upfront and by a true nuetral 3rd party (well, as much as the FAA is nuetral). LSA = shown in court during the lawsuit.
3) Operation into more airspace by default.
4) Night VFR
5) Produced under a production certificate, see 2
6) Normal category limts of operation, for hire, etc.
Disadvantages:
1) Stricter design requirements (no thanks to changed product rule) lead to more complexity and weight
2) Requires a Certified Mechanic
3) Requires Private Pilot (obviously the medical is optional).
There are others that i can come up with for sure, but thats just off the top of my head. the new 7EC met a large portion of FAR 23, change 55. And it shows in the fuel system and flight manual. If you want to look at structures, CAR4a has LSA and Part 23 beat (unless acro category).
As for the Concensus standards, they are a near clone to the normal regulations (a lot like primary category was). I think they are quite adequate. However, its not the standards, its the company meeting them. As a PC holder with no little magic brother company to pay our bills *cough* there is non-compliance on a daily basis. Followed by procedures to monitor and correct this. There is no motivation to worry about this save for an audit or a finding in the field, which tends to be a big deal! Not a lawsuit, we are talking service difficulty reports and service letters. An LSA maker can easily blow off as much as they want while maintaining a semblance of customer service. Not deadly things, but little things. Little things barage a manufacturer on a daily basis.
I would not say its a reconfigured Citabria...more like a Citabria-ized Champ. As the AOPA writer wants to call a Citabachamp. Who knows if he will write that; his article, not mine.
I wont refute that the Champ needs a diet though. Waiting on Continental to give us that 20-30 they promised. Plus, it would be nice to retain a champ here to 'mess' with, but they head out the door a day after they are done. I guess thats status quo around here, and part of being self standing (I won't cough again).