A centrifugal clutch works by throwing weighs out centrifugally to bind the outer drum to the engine.
+ cheaper
+ easy to install
+ many makes and chain pitches available
- one gear ratio
- cannot handle excessive torque
- cannot handle high gear ratio's
- not great for offroad and large tires
- burn up if set up incorrectly
Torque converter
+ multiple ratio's
+ handles large tires, great offroad
+ all parts are replaceable
+ you can gear for more speed, and not risk burning up
- expensive
- slightly harder to set up
- bulkier
- less brands and options to choose from
To sum up- if you can afford a torque converter, go for it. Otherwise use a centrifugal clutch and gear accordingly.
Torque converters make a great difference when low end torque is required, for example hills, offroad, high gear ratio's and acceleration.