Hi,
There are so many differences between the two packages that it will be difficult to describe. One main difference is ease of programming versus programming capability. Lookout gives you the ability to get up and running with a program very quickly. However, Lookout is not easily customizable. This is where LabVIEW shines. LabVIEW can do anything that Lookout can do ( as long as you have the Datalogging and Supervisory Control Module) but you can do much more. LabVIEW is also very easy to use compared to other programming languages.
I would suggest that you call us at 800-433-3488 and ask any specific questions that you may have.
Regards,
Mike
NI