Loom knitting is very easy; I have recommended it for teaching children to knit, and for the elderly or anyone who may not have the dexterity for traditional knitting with needles.
It is very stable and dropping stitches is rarely a concern. It's just as portable and there are lots of different projects that can be made.
However, the stitch patterns can be limited. The greatest strength in knitting on a loom is stockinette; trying to incorporate purls in with the knits is very difficult and time-consuming.