Not directly related to the battery chemistry, but to the specification provided in the UK by MG, there are a few other differences:
- the motors offered with each battery are different - broadly 150 BHP with the smaller battery and 200 with the larger
- the gearing is different with lower gearing for the smaller battery resulting in faster acceleration (despite the lower power) but less efficiency at higher (but UK legal) speeds
- the larger battery has the "active grille" which is partly responsible for the higher efficiency and subjectively looks better if like me you are nerdy enough to notice
- the larger battery rapid charges slightly faster both in % terms and hence in kW terms
- the Trophy is only available with the larger battery
My takes on all of this is that the SR is better for around town and for back road blasts, but the LR is better on the motorway even if you are not going to need the extra range. There's also the fact that the Trophy is only available with the larger battery.