Linux distros will coexist quite nicely, as long as you don't accidentally shaft one of them for space.
The reason why you have no root=STRING specification is because using the root=STRING specification causes LILO to write the major and minor number of the device node corresponding to your root partition into the boot loader itself. See this line?
This does the same thing, only differently. The append=STRING directive adds commands to the kernel command line, which can influence the way the kernel works. The root=LABEL=/ specification tels the kernel to mount the filesystem with the label "/", which is your root partition. Since you use LABEL mounting, you pass the label to the kernel via the command line and it mounts your root filesystem.
LILO sucks anyway; use GRUB.
/me \/\/@|\|t5 $$$$$ F0r @|\| u65r 3|33t G@/\/\1|\|G r1G
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