I've been playing with both on hero lab last night. In both cases at least with how I intuitively build characters I end up with a more diverse and powerful character. It might be because I go human almost always. But as an example I rebuilt the last character I played a couple years ago. Invisible drone. Lame name I suck at names but fun character. A full mage with all the magic skills who was good with guns and close combat. He if he could, used magic fingers as a spell to control the guns backed with a alchemy command trigger clarivoyance spell to guide it. The GM had let me take specialization in weapon skills with magic fingers.(no idea how to do that in hero lab, couldn't seem to get it work as I've done it before) With hero lab on point buy I had just as many magic skills and while my top gun skill was 4 instead of 6 it was the entire group. I had a couple more spells and better stats because 20 points goes to fast in the standard method. With life path my stats were a lot better I had less skills focused where initially I had designed the character but I had a lot of life skills I previously didn't have at all. For me I kind of dig life paths. I think it adds depth and makes a more realistic character. While you can do it with point buy, when counting every last point it's hard to justify somethimes.
2 of my players aren't fans though so I may house rule and let them drop out at childhood instead of higher education.
