There are some issues with Liquidsoap, from what our customers report and what we were able to verify:
- it fails to work on non-standard bitrates like 144kbps for MP3
- it fails to play mono files
- the RAW configuration is non-existent as it's all hidden in Centova includes (not a big issue as very few people need raw config edit)
- it doesn't support v2 Shoutcast protocol
But, overall, it's better than sc_trans2 and more stable, I'd suggest using Liquidsoap instead of sc_trans2.