The main factor was that I wanted something a little smaller as umm...we tend to have a lot of "stuff" in general, so smaller generally is nicer for me. Plus saving a few bucks isn't bad either.
As for storage (as I've only had it a month), I tend to leave it together and drop it against a wall or behind a door as it stays hidden quite nicely.
It's not hard to take apart at all, I just tend to leave it together as it can be just stuck in a corner somewhere.
The only pieces I could ever see losing is the pegs, which...I think it came with 6. They come in a sturdy plastic ziploc, but one can always place them in a nice fabric pouch or some other container with one's knitting notions.