Lounge suites can be arranged in whichever orientation you want. You can place them diagonally and swap the longer couch with the shorter couch giving you so much freedom with the decoration and spacial attributes of the lounge.
The corner suite does not give that same freedom when rearranging furniture. Often you are faced with an asymmetrical couch that only fits in one part of the room. This wouldn’t be a problem if you only use one corner for the couch but some people enjoy experimenting with new looks in the lounge.
Lounge suites often come in three pieces of furniture. In this instance it would be difficult deciding on where to put all three pieces whereas with the corner suite you already have the position decided before buying it.
Corner suites are cheaper than lounge suites because they only have two ends. Lounge suites have multiple ends because they are not combined into one piece of furniture.
Corner suites give the illusion of better social space. Because there are only two arm rests, everyone sitting on the suite will be forced to face each other. This is a beneficial feature if you intend to have a small get-together. People will not be facing away from you and the arm rest won’t give the impression of a wall between you and your guests.