Magnets Links vs Torrents - know the diffeference

Recently Piratebay rolled-out a new alternate option for downloads (ie magnet). For the people who do not know much about difference between torrent and magnet filetypes - some information to educate you through - 

Magnet Links:
Advantages:
1. They do not need a central authority to issue.
2. They have open nature and platform independence, the same magnet link can be used as long as the system has the appropriate application.
3. They are more user based, easy to use. All the system need is an application that support magnet links.
4. Since it is user based, it is so easy to share resources.
5. Most Magnet links application has a search function.
Disadvantages:
1. Slower speed.
2. Less control on speed and on the content that is being downloaded

Torrent:
Advantages:
1. Faster connection.
2. Easier to search through the web.
Disadvantages:
1. Trackers are needed when downloading a contend. If the tracker is down and there are no existing connection, the download may never be finished.
2. Most torrent client do not have search function. Torrents ususally would be find from the internet.
3. If a torrent was stored on web for long time, the tracker may be expeired already. It is almost impossible to find existing seed or leechers.

Which one is your favorite?