As the author of git-fat, I have to say the smudge/clean filter approach is a hack for large files and the performance is not good for a lot of use cases. The reality is that it's common to need fine-grained control over what files are really present in the repository, when they are cached locally, and when they are fetched over the network. Git-annex does better than the smudge/clean tools (git-fat, git-media, git-lfs) but at somewhat increased complexity. I think our tools have stepped over the line of "as simple as possible but no simpler" and cut ourselves off from a lot of use cases. Unfortunately, it's hard for people to evaluate whether these tools are a good fit now and in a couple years.
As for git-lfs relative to git-fat: (1) the Go implementation is probably sensible because Python startup time is very slow, (2) git-lfs needs server-side support so administration and security is more complicated, (3) git-lfs appears to be quite opinionated about when files are transferred and inflated in the working tree. The last point may severely limit ability to work offline/on slow networks and may cause interactive response time to be unacceptable. Some details of the implementation are different and I'd be curious to see performance comparisons among all of our tools.