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1/ Segmentations are much faster to use in smart campaigns targets and enforce the implicit rules that a lead can only be in one segment at a time. for these reasons, they should have your preference.
The criteria can be much more sophisticated than what you write down combining filters with advanced logic. Only a few fields cannot be used (such as the partition). More importantly, you cannot use past activities to segment, but you could imagine to simulate this with lead fields that you would fill in with info when an activity occurs. You also have to pay attention to date fields, some specific rules apply (see Date Filters in Segmentations) YOu also have a limit of 25 segmentations in your instance and 100 segments per segmentations. Another element about segmentations is you can restrict the right to edit segmentations, making it safer as only a limited number of people will get the right to change the rules about them.
2/ Smart lists provide obviously additional flexibility, including the possibility to easily invoke activities. But they are much slower when used in a smart campaign, they do not guarantee a partition of your target by design and can be tempered with by users.
As much as we can with regards to products, we try to sync them as custom objects; so that they can easily be invoked in smart lists.
My 2 cents