Hi I am thinking of changing from the default WordPress commenting system to Disqus or LiveFyre. What are the biggest advantages of such a change, and maybe possible pitfalls I should look out for. Thanks.
When you use Disqus you are in a way giving away the control to that company. The module is indeed very nicely built, you can access Disqus admin section from within your WP admin panel, but like I said; you are handing over the "root control" to Disqus.
Add one more your list: Intense Debate. Check this link for something similar. The pitfall I faced when I used ID was incorrect comments sync.