I cannot find much discussion of the similarities and differences between these two and I want to confirm my basic level of understanding as well as provide a helpful summary for anyone else who may be confused about which to choose. From what I have gathered, the main similarities/differences are as follows:

Both generate distant LOD for trees, objects (i.e., buildings) and landscape based on your load order and the billboards you have installed.

DynDoLOD is a more powerful tool that lets you customize your LOD more than TES5LODGen and includes more detailed LOD, more customization options for how LOD is generated and dynamic meshes to allow movement for things like giant campfires, windmills and watertfalls. DynDoLOD is a scripted esp, with complex installation instructions, even more complex instructions for updating and may cause issues with orphan scripts and such if uninstalled on an existing save, although those issues may be minimized by following the DyndoLOD deactivation procedure in the MCM.

TES5LODGen won't allow movement in distant LOD without another mod like Skyfalls. TES5LODGen is just generating LOD meshes and textures, so TES5LODGen is simpler to use and updating on existing saves is a basically one click operation. Since there is no esp file (hence no scripts running) the LOD meshes and textures generated by TES5LODGen are absolutely safe to uninstall on an existing save.

Hopefully someone knowledgeable can confirm or correct my understanding. Also, how does performance of TES5LODGen compare to DynDoLOD when using the medium settings?