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dry rock has no bb present until its cycled than it becomes live
also with dry rock you get no unwanted hitchhikers as there are none
4/6 week wait time before you add stock
live rock has bb present making it faster to cycle or even have no cycle
live rock usually has hitchhikers both good and bad
faster wait time usually less than a week
I prefer dry. It's cheaper all around and you don't have to worry about the what ifs of bad hitchhikers. And once it's cured it's then live rock. To me it has many more benefits then live aside from not being able to use it to seed a tank and get it going. I only bought 1 piece of live rock from my LFS about the size of a baseball and it was full of pests I didn't want.
Also my couple LFS sell live rock in ranges of $6-$10/lbs and dry is usually around $3-$5. Of course it all depends on the type of rock.