From what I remember when we looked at this, LLC status is about protecting yourself against liability. As stated by Bander, the actual tax benefits vary state by state. And S-corp, at least in CA, offers less protection from product liability and also does not provide protection from product liability issues arising from negligence. Essentially a LLC offers more asset protection than an S-corp. In the end, we chose to go C-corp for maximizing protection against liability. Each state varies and a CPA and an Attorney can be useful in making this determination.
I'm feeling bearish, and I'm packing a Wusthof Grand Brisket slicer from MABA
"perhaps...but then again...maybe not..."