This is a difficult one to repond to. Here's an attempt:
LFS:
pro - great stuff for Sarrs and Neps
con - buying it encourages the destruction of sphagnum bogs
peat:
pro - good for plants wanting to grow in muck, but I don't have any
con - same as LFS, plus the fact it's a bad choice for most things it's sold for
sand:
pro - I don't use it, but it's great on a beach or in a sandbox. If silica/flint/blasting sand, it's a good base for an artificial bog
con - awful in a swim suit
perlite:
pro - good for drainage and aeration and is very light weight stuff
con - none, if you want drainage and aeration and light weight
vermiculite:
pro - good for drainage and water retention
con - it can retain a deceptive amount of water
pumice:
Different people use that word for different things. I consider it to be a lightweight, coarser version of perlite (sponge rock).
pro - like perlite, but even better. My Sarrs and Neps live in a mix of LFS & sponge rock
cons - like perlite
orchid bark:
pros - sort of like pumice, but a little denser and won't float out of pots so easily
cons - decomposes. Coconut husk chips (CHC) last much longer and retain more water. A blend of CHC and sponge rock was the home of a very happy N. x Ventrata before I traded it a year ago.