Advantages of the export/load approach:
1) Fairly easy to do, simple scripts
2) No extra setup necessary
Disadvantages:
1) requires disk space to store the intermediate files
2) Two step process
Advantages of using federation
1) Once setup is complete, simple scripts, one step process
2) no extra disk space needed
Disadvantages:
1) Setup can be tedious and time consuming, but only done once
Picking which one to use really depends on your particular needs. On the face of it, using export/load might seem the way to go if you have the disk space to spare, but if this will be an on going process, setting up federation might be the way to go since you only have to do it once.
Andy