OK maybe this is a little biased, but all and all I found it to be a pretty decent synopses of the differences between lime and cement especially regarding plaster and mortars:
Environmentally Friendly
Stucco Italiano is a member of the US Green Building Council. Naturally high in pH, lime finishes act as an anti-bacterial surface, neutralizing the development of organic substances such as mold and fungus. Non-toxic and green, our lime plasters are ideal for interiors or exteriors. A breathable system, our lime plasters allow water vapor to permeate freely so moisture evaporates quickly, unlike acrylic finishes which can trap moisture inside the wall.
well, that’s a good way to put it…
A successful man is one who can lay a firm foundation with the bricks others have thrown at him.