Especially for embedded systems the ability to boot an image once only and then fall back to the previous setup lilo -R IMAGE_NAME is atractive as it allows to test a new image in the field and in case of failure the local personell must do no more than cycle power. Other recent development like the graphics boot-screen are marketing featurs, but technically not that important, it does allow allow to be a bit more verbose giving the image selection more meaningfull strings like RTLinuxpro Kernel 2.4.16 instead of only rtl2416 or some cryptic string.
LILO also has a build in diagnostics if the boot-loader itselfe fails presenting only L, LI, LIL in case that one of the steps in the boot-strap process (loading of primary boot-loader (L), executing primary boot-loader (LI), loadingsecondary boot-loader (LIL), executing secondary boot-loader (LILO: ). This allows to diagnose quite precisely where the system is failing even within the boot-loader start up.
LILO is available on more or less any Linux distribution you can get.