The X2 lite can only run either 2 512k BIOSs or 1 1mb BIOS. The X2 Pro can also handle 4 25k BIOSs as well.
In my opinion, the ability to run 4 256k BIOSs has limited value considering how Team X-ecuter seems intent on making all future BIOS releases more than 256k.
However one of the strongest reasons NOT to buy an X2 lite is because of one of it's so called 'features'. The X2 lite does not ship with a programmer, so it must ship pre-flashed with a BIOS. The problem with this is that it comes pre-flashed with the latest X-ecuter BIOS which also happens to be illegal. If you purchase a Matrix or an X2 Pro they do not ship flashed with any BIOS and therefore are fully legal.
Since the start of this thread a very disturbing turn of events has unfolded which has changed the entire Xbox scene forever. The owner of ISONEWS was arrested for selling pre-flashed modchips - and there is a very real possibility that the people who bought pre-flashed modchips from ISONEWS or even from other sites that have not yet been shut down could be prosecuted or sued in civil court for purchasing them. (Sound far fetched? That very same thing is currently happening to thousands of people in the U.S. who purchased hardware to hack DirecTV. Check out
Legal-Rights.org for more info.)
The reason why an unflashed modchip is legal to purchase - whereas an unflashed DirecTV card programmer/unlooper is not - is because there is a legitimate, legal use for a modchip other than software piracy. You can purchase an unflashed modchip, flash it with the cromwell or another legal BIOS and run linux or other perfectly legal homebrew software. If you buy an X2 lite that is preflashed with the X-ecuter BIOS then you are guilty of violating the DMCA and are subject to prosecution and civil penalty.
Times have changed boys and girls. MS has stated time and time again that they will do everything in their power to stop the Xbox from being hacked. Best thing to do is CYA now, and if that means spending the extra $10 for an X2 Pro then that seems like a small price to pay to me.
In the past, I recommended against buying the X2 lite because of the risk of a bad flash. With the potential for far, far worse legal repurcussions I would say it's a no brainer to go for the X2 pro instead.
Flagg