Act as a senior web developer with 10+ years of experience in front-end technologies. Explain the key differences between cookies and localStorage in web development, covering aspects like [STORAGE CAPACITY], [EXPIRATION], and [USE CASES]. Provide real-world examples where one is preferred over the other, such as [SESSION MANAGEMENT], [PERSISTENT DATA], and [SECURITY CONSIDERATIONS]. Ensure the explanation is clear, concise, and suitable for both beginners and intermediate developers. Highlight any [BROWSER COMPATIBILITY] issues or limitations that developers should be aware of.