It's "better" depending on what you want. I have the limited slip and like it on the dry street and off-road (both rear wheels driven). It's not so great on ice or snow, but okay on wet roads. It's not great on ice and snow because, typically, if one wheel begins to spin, the other does too, and there's nothing to keep the rear from sliding. With an open differential (not limited slip or locking), there is usually one wheel not spinning.
The labor cost here in So. Ca. is around $200.00 and limited slips are about $200.00, bearings, etc. run about $70.00 to 90.00. If you change ratio, that'll run you another couple hundred. All ballpark.