At this point the main advantage would be the Campaign Theater interacts with the digital form of the character (Hero Lab) natively as they're both products by the same developer.

The VTT has to either read the HLO URL of the character or has to import the character from the Lone Wolf version.
As either Lone Wolf or the VTT updates, that import (or read) of the Hero Lab may have issues.
Every time d20Pro (the VTT my group uses) has an update, it seems something isn't read correctly from the Hero Lab.
Currently, the VTT doesn't get movement or initiative bonus, so if I add a monster or NPC that I've made in Hero Lab, after doing the import I usually need to adjust those two values.

Having both as a first party software, the interaction would be seamless.
Down the road, the VTT-esque features of the Campaign Theater would grow, I'll assume.

@Joe

Do you guys have plans to add a "Exploration Mode" to CT? Tactical mode is nice but I already have my VTT handle Initiative tracking and HP tracking for me. BUT, it is nice to have all my PC's in one view with their saves, hp, AC, weapon, etc and LIVE to!

So PF2 introduces Exploration Mode vs Encounter Mode (aka tactical, can we rename that to Encounter mode maybe?)

So when I'm not running "combat" I'd really love to see that view show me all their Perception, Lore skills, Arcane/Nature/Divine/Occultism, & Survival skill numbers + Proficiency. That would be invaluable. With the number of Secret rolls the GM has to make, I'd like to have all those numbers quickly available for me.

Investigate, Search, & Tracking are really the only things that typically trigger rolls for the above skills. And if the Players could set the "mode" they are in when not in combat and show that (icons FTW here) that would be a help. Throw in a "roll this thing for all party members" so I can get perception rolls for all players Searching or Lore skill rolls for all players Investigating, that would be a huge time saver for us GM!

Being able to see live updated numbers once "conditions" and other things are added is really neat! I liked seeing the weapon & AC change on the fighter when he changed weapons or raised his shield!