Keith Keller wrote
> Also, if in the future I should decide to switch to a different format,
> is it a fairly straightforward process to convert?

It seems fairly straightforward to me - Save As will save the current book
in the newly selected format. Hence you can try them out and see if they fit
your preferences.
Listing all the pros and cons is difficult simply because whether something
is a pro or a con depends on your situation.
That said, I like sqlite format as it is fairly compact, it is a full SQL
database, it is accessible outside GnuCash (for various Python scripts like
quick account balance info and/or reports as well as something more complex
like investment asset allocation, etc.) on multiple platforms, it compresses
well for backups, and so on.

I also like the automatic backup process implemented for xml storage. 

Some more info can be found on the wiki:

https://wiki.gnucash.org/wiki/Backup
https://wiki.gnucash.org/wiki/GnuCash_XML_format
and probably elsewhere, too.



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