For me an LMS should be user friendly for the end user. In my experience a lot of them do not score good on that point.
At work we use EKP from Netdimension, It delivers us a mass of management options but it does not satisfy my enduser experience. I hav e to explain to much time how to use it.
At home for testing I used Moodle, but again it dissapointed me for the end-user friendlyness and scorm support.
Then I started using ILIAS, this one scored the best, concerning scorm support, content creation and user friendlyness.
I also tried the openclass but that is still not mature.
Seeing the evolution today, going to learn anytime anywhere, an LMS does not seem to solve my need anymore. Project tin can seems to be quite prommising in that sense. I think content should be availble anywhere, where people can reach it, youtube, wikipedia, google, blogs, ... everywhere except the LMS and the only thing I want to track is if we closed the performance gap. And most time a simple test solves this problem.