- MV2 version has sophisticated scripts to not only block ads but prevent tracking. With the lite version you might not be seeing most ads but you are certainly being tracked more

- MV3 version might "hide" ads but the MV2 version is blocking requests from every being made. All those stats you hear about improved battery and reduced bandwidth usage with an adblocker are only true for the MV2 version

- CNAME uncloaking is only done with MV2 version. That means when advertisers on sites cloak their CNAME, you won't be able to block them

- filters lists on Lite can only be updated when you install an update. In MV2 version it updates the lists dynamically. Advertisers change their domains all the time