Great summary. One common misconception is that LN transactions rely on some amount of trust with 3rd parties, vs. on-chain Bitcoin transactions which do not.

Great summary. One common misconception is that LN transactions rely on some amount of trust with 3rd parties, vs. on-chain Bitcoin transactions which do not. This is not the case, payment channels and even multi-hop LN transactions are just as secure as on-chain transactions, modulo one important assumption: that you (or a service you delegate) can monitor the blockchain and broadcast a transaction (which is then confirmed on-chain) refuting a peer that is trying to claim an old (larger) balance, within some time period. This could be an issue if the blockchain is highly congested. Scalability of routing is another concern. It's suspected that the network topology will end up looking more like hub-and-spoke (not unlike the internet itself) than a mesh, which may have implications for privacy and censorship-resistance.