I have several of each model (Classic Hunter and Li'l Favorite) and have shot both models a lot. I won't try to go into a huge amount of detail, but here are some of my observations. They both have a similar feel in many ways, as you might expect from their common design roots. If I were to close my eyes and plug my ears and shoot a CH and an LF one after the other without knowing which I was holding, it would be hard to tell much difference in the feel, but there is some. I won't go to great length to tell you in this thread how outstanding Shrew bows are, because you have already heard that over and over from many people for years on this site. You would be extremely happy with either of them, so you can't make a wrong decision.
If you really prefer recurves, then go with the Li'l Favorite. If you do not have carbon backing in otherwise identical bows, the Li'l Favorite is a little faster. With carbon backing added to the Classic Hunter, it catches up speedwise to the Li'l Favorite. Both bows are quiet, especially if you add some wool wrap on the ends of the strings on the LF to prevent limb slap. I love the graceful curves of a recurve bow, and always have, so I like the Li'l Favorite a lot.
However, unless you are set on a recurve, and it sounds like you are not, if you are only going to have one Shrew, I would suggest you go with the Classic Hunter for several reasons.
First, the CH is just what its name says -- the "classic" Shrew. It just looks the part.
Second, longbows are less subject to limb twisting and other problems of that kind which can affect recurves. Not that a Li'l Favorite is delicate, but the CH is more robust in some respects.
Third, the reflex/deflex design of the CH minimizes any great advantages that a recurve might have over a longbow from a performance perspective, and the addition of carbon fiber backing on the CH will equalize the performance or maybe give the CH a slight advantage.
Fourth, there is more choice in the layup on a longbow because the limb thickness allows for more layering of laminations. It is difficult to get everything I prefer in a Shrew limb into the recurve design of the LF, so carbon fiber backing is probably not an option. Actually, as a result of the recurve design, carbon fiber would not be a significant advantage in the LF, so you get most of the performance without the added cost of carbon fiber backing.
Fifth, longbows by their very nature tend to be quieter because of lack of string slap on the limbs. They are also easier to string because of those relatively straight limbs.
Sixth, (and this is unique to the newest CH layups) Gregg Coffey has now developed the best limb layup design for the CH ever produced on a Shrew. The first bow with all the features of the new layup was the CH that Paul Kimbol won on the Surtees auction and then gave to Larry Surtees. The limbs have cores constructed with laminations of syntactic foam, uniweft, and the new "Mystery Material" that Gregg started using with the Armstrong Ghost bow that was developed for use at Shrew Haven last fall. Larry's CH also has carbon fiber backing, exotic hardwood veneers, and very thin clear fiberglass covering both the backs and bellies of the limbs. I have two more Shrews on order right now, and at least on of them will be a CH constructed just like Larry's bow, except using different varieties of woods. Gregg, Larry, and everyone else who has shot a CH with the new layup has said that the new CH design is absolutely quiet, with the characteristic carbon backing "twang" noise associated with earlier designs being totally eliminated. Several of the Gang on the Solana Ranch hunt shot Larry's bow and can give you their impressions.
Seventh, the factor of transporting the bow if it has been built with a BowBolt is huge and weighs heavily in favor of the CH over the LF. I have posted in earlier threads pictures of my two piece CH and a dozen and a half arrows all nestled together in the 3Rivers takedown recurve bow case that can be easily transported by commercial airline or any other means of travel. The relatively straight limbs of the CH work much better than the recurved limbs of the LF. For that reason alone I would personally get the CH, even if the other advantages I have listed did not exist. You can see what I am talking about here:
http://tradgang.com/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=1;t=082921;p=10#000140 So, long answer to your question -- get the CH with the BowBolt and all the latest limb layup options unless you just prefer a recurve. Gregg Coffey can work out the options for you. You may never hunt with a different bow. That said, there are many other great bows out there that would be wonderful to have (and I own and love many such bows), but you confined your question to these two Shrews. You sure can't go wrong with a Shrew. For a very lightweight, short, handy, hunting bow, there is nothing better and few others in the same class.
Allan