I used lilo for 3 yrs. because I couldn't get GRUB figured out. Then about 2 weeks ago I switched to GRUB as a test...and I love it.
One thing I noticed though; the rescue function on the CD1 wants to put lilo on the MBR when you replace the bootloader.
So...use GRUB if'n ya want to, but keep lilo.conf current.
At least with rescue on CD1 you won't have to run lilo to get it installed.
I like GRUB now because it gives you the ability to edit on the fly if you need to, and to switch kernels for a boot without any extra configuration.