MEMS switches reflect light off of microscopic mirrors while liquid crystal switches split light before steering them through a medium. This results in several significant tradeoffs.
MEMS switches have lower insertion loss
MEMS switches have a larger installed base
Liquid crystal has faster switching
Liquid crystal has higher reliability
But each tradeoff is not equally important. I expect MEMS to take a majority share of OCS deployments.
Read more about OCS in the most comprehensive yet approachable primer below! (I wrote it)