Lynx is multilingual. It is also a great advantage that Lynx has a lot of document. I don't intend w3m to be a substitute of any other browsers, including Netscape and Lynx. I am browsing web pages in LAN environment. When I want to take a glance at a web page, I don't want to wait to start up Netscape.
Lynx also takes a few seconds to start up.
On the other hand, w3m starts immediately with little load to the host machine. After looking at the information using w3m, I use other browser if I want to read the the page in detail. As for me, however, w3m is enough to read most of web pages. I wrote fm to debug a program for my research. To trace the status of the program, it dumped megabytes of values of variables into a file, and I debugged it by checking the dumped file.