LDATA is just a way to 'encrypt' your data in a
dictionary, using a custom object. In fact, in
some circumstances (opening a file by double-
clicking in explorer) you can see proxy notices
when you open a file with LDATA.
The only thing LDATA offers is that it preserves
the original list structure, which is something
that is useful only to entry level programmers.
The disadvantages is that it is a way to lock
your data up in a way that can potentially
render it completely inaccessible, which is
what happened when R14 drawings were migrated
to AutoCAD 2000.
You can use Dictionaries and XRecords to store
anything you can store in LDATA and can access
it via any API you might choose to use.
In short, stay as far away from LDATA as you
can possibly get.