I have several climbing stands including a tree lounge with the bowhunter platform. The positives of the tree lounge are comfort and perhaps a shade more stability than my summit's or api's. The current tree lounges are as quiet as any other climber once set up. Did I mention it is comfortable? Nothing compares even remotely.
The downsides to a tree lounge are many. I use mine on private property locked to a tree, I may move it once during our 4 month season. The amount of care needed to quietly set it up will drive you insane, not relevant to me since i set it up and leave it. Set up takes longer with a tree lounge. It is slightly less easy to climb with than summit's and api's that I have. Some people never get used to the change from climbing to sitting, practice at ground level, it can be unnerving doing your first time 20 feet up. Without the adjustable angle pieces on the tree lounge, you are severely limited in how high you can climb, tree lounges are more sensitive to changes in tree diameter that summit's/api's. With the angle adjusters, the tree lounge can safely be adjusted to continue climbing higher, although you can (you should not) do this with summit/api it is not a very safe thing to do with them, but really isn't necessary on them either. Standing on the bow platform up a tree is interesting, kind of feels like you are on the end of a very springy diving board. If you never wore a harness in a climbing stand before(shame), you will once you get a tree lounge. Without a bow platform in place, you can pretty much forget about shooting behind you which is reasonalbly easy to very easy with the summit's and api's I have whether facing tree design or facing away from tree design.
If tree lounges weren't so dang comfortable, I'm willing to bet they would have gone out of business long ago.
Did I mention it is comfortable? Seriously, nothing comes close.