Several characteristics of both protocols can help you choose the one to work with.
KIIS
As a medium for combining content into different (documents) content repositories, the main business allows you to host different content repositories with each other through a web interface (REST / WS). Although the latest version of the protocol improves browser performance with content by using JSON-based browser bindings, CMIS is often displayed as a chat protocol bit that is not always close to delivering content.
PROS: a standard supported by many vendors that supports a slightly richer data model (Renditions, Policies)
CONS: chatty, a lot of XML parsing when using AtomPub or WS bindings, cannot create user APIs
Sling
I am not an expert in this, but as I understand it, this is a lightweight, extensible HTTP layer on top of JCR. The data processing logic is tied to the content that you request via HTTP as components, which gives you the ability to process and ultimately optimize the content before delivery.
PROS: adds a data processing layer on top of content search, runs on simple HTTP without complex payloads to describe each action
CONS: non-standard, cannot easily exchange content repository
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