LOL, Liteoin is no advancement. It's just a proof of work coin, very similar to Bitcoin with some tweaks in block generation times, etc.
It's more than that actually. And some of us believe that the choice of hashing algorithm will become increasingly relevant. Scrypt is ASIC-resistant. SHA-256 positively cries out for ASIC mining. That's important when it comes to securing against hashing dominance problems such as 51% etc.