After hours spent in my chemistry lab and contributing significantly to global warming through CO2 emissions, I have collected quite a bit of data to share with you regarding the Snowpeak LiteMax and MSR PocketRocket cannister stoves.
Here are the stoves side by side. As you can see, the LiteMax is signficantly more compact.

Here's the data:
http://spreadsheets.google.com/pub?key=polDrnWwATfekhIh3myF5Gg
In my experiment, I performed two separate tests. For both tests, I used 500 mL of water at room temp (measured each time prior to heating), MSR or Snowpeak fuel cannisters (noted in data table), and my MSR Titan pot. Tests were performed near sea level.
Here's what the experimental setup looked like:

Test #1: The first test measured the relative efficiency of both stoves under calm conditions (no wind) in terms of their fuel consumption and boil time. As you can see from the data, the PocketRocket had a slight edge over the LiteMax in both fuel consumption and boil time. Boil time was about 30 seconds longer with the LiteMax.
Here's the PocketRocket in use:

The LiteMax in use:

Test #2: In this test, I measured the performance of both stoves under windy conditions. For my setup, I used a large electric fan placed approximately 0.5 meters from the stove setup. For this test, I measured fuel consumption and time at end temperatures less than boiling. Here the difference in performance was shocking. The PocketRocket consumed about half as much fuel as the LiteMax and took about a third of the time to reach the desired temperature. The side-shooting flames of the LiteMax were clearly being blown downwards and sideways–away from the pot bottom–while the PocketRocket's flame was shooting steadily upward. Even watching the mercury rise in the thermometer, it was clearly obvious that the PR was much faster. Another concern with the LiteMax is that the side-shooting flames. combined with its lower profile, tended to heat the fuel cannister to the point where I was worried about sticking my face too close to the experimental setup. With the PR, the flames stayed vertical and its higher profile allowed me to feel alot more comfortable whilst eyeing the stove at close range.
Data analysis and other observations: I was rather disappointed with the LiteMax. I really wanted this little stove to win. I love the fact that the fact that the LiteMax is an ounce lighter than the PR (2 oz vs. 3 oz) and packs up so small–small enough, in fact, to stow inside my 400 mL Titan mug. The PR, on the other hand, is rather bulky and inconvenient to store. The edges on the pot supports are rather sharp. Use of the plastic case would help but would add an extra ounce to the setup–making the PR twice as heavy as the LiteMax. On the plus side, though, the PR is more comfortable to screw on than the LiteMax and feels more solidly set once screwed on. The PR has an ergonomically rounded, knurled base, while the LiteMax's base is squared off. The LiteMax also lacks a rubber washer between the stove base and the cannister. Another advantage of the PR is that the knurled base cools significantly faster than the LiteMax's. Within a minute or two, the PR could be detached without burning your fingers, while the LiteMax took five minutes or more. Regardless of these advantages and disadvantages, the LiteMax clearly can't cut it in wind. The question remains whether the LiteMax could remain competitive if used in conjunction with a good windscreen. (Perhaps it's time for test #3!).
Conclusion:
PocketRocket Pros
-Slightly more efficient in calm conditions
-Significantly more efficient in wind
-Seats comfortably and solidly on fuel cannister
PocketRocket Cons
-Takes up more space
-1 oz heavier
-Pot supports are sharp
-Pot stability not the best
LiteMax Pros
-Folds up super small
-Super light (2 oz!)
-Pot stability slightly better
LiteMax Cons
-Slightly less efficient in calm conditions
-Performs horribly in wind
As you can see, there is a trade-off in terms of features. None of these stoves is perfect. To me, however, the extra ounce of weight and extra space for the PR is worth its significantly better performance in real-life, windy conditions. I think it boils down to (no pun intended) the question of whether a good windscreen would level the odds and make the LiteMax a useful stove.
I'm curious to hear from you guys what windscreens you use for your cannister stoves and how effective they are in increasing stove efficiency. In particular, how do those of you who own the LiteMax deal with its poor performance in windy conditions?