As w3m is a pager, it can read document from standard input. W3m is small. It is true that Lynx is an excellent browser, who have many features w3m doesn't have. For example, Lynx can handle cookie. Lynx has many options.
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.