[PorkchopDJG]

Live Lower and Mid Limit
The Play = Loose/Passive - You can limp more marginal hands (Axs, 78s, 33) because the chance of others limping and nobody raising behind you are high. You play most hands multiway (5+players). You can't really bluff or continuation bet because they will call you with any pair or draw. Just wait to get big hands and get paid off.
Negatives
-it may be hard to leave if things go bad early and you have driven a long way to get there.
-People can be annoying
-You will play less hands per hour
Positives
-You can actually look at the people at the tables which can help you pick out the right ones to play at.
-People are often interesting
-Intangibles of playing live, Stacking the chips, feeling the cards, etc...

Online Micro Limit and up.
The Play = Tight/Aggressive - you can't limp into lots of pots because it's likely to get raised or 3 bet behind you. You play most hands 2 or 3 way. You have to wait for good hands and you should usually be raising if coming into a hand. You don't cold call with any dominated type hands. If you have the right image you can make some moves that will work.
Negatives
-You feel like a hermit
-Can't see players and physical tells, mannerisms
Positives
-You can play more hands
-Easier to quit if you are getting crushed

I prefer live a lot better these days but both have good and bad aspects as you can see..