The only differences I've seen are as follows:
"- One installation with a static number of database tables supports an arbitrary number of users and blogs."
This is the biggest difference between Lyceum and MU. The initial master table structure is not as big in Lyceum as it is in MU. If you have issues with phpAdmin not liking a huge amount of tables, this would be a plus, but from a database management/efficiency perspective, it's just an either/or situation as you still wind up with about the same number of fields.
Soem people might tell you different, but in my 15+ years of working with databases, that's my official opinion that it doesn't really matter. Besides, they're *indexed* fields, not sequential. Still gotta hop around all that data regardless.
"- Users and blogs are not isomorphically related. Any user may have privileges on zero or more blogs, any blog may have an arbitrary number of users, each with arbitrary permissions."
Self-explanitory. In MU, if you want to be an author on a blog that is not yours, you need to have another blog on the system. BUT there is a mod/hack to get around this.
I *think* Lyceum allows users to edit themes as well. Not sure on that. MU doesn't, really. Not by default. And users cannot upload their own plugins in MU.
Every other point listed above is pretty much the same in MU. Some themes require no modification at all.
Oh, and Lyceum uses a subdirectory structure for blog address instead of virtual subdomains. So if you couldn't get MU working with vhosts on or off, give Lyceum a try.