Isofix is compatible with LATCH but it's quite a different technical solution. Isofix is rigid which most find a little easier to use. Isofix for rear facing car seats in Europe also use a support leg, or foot prop, for increased stability. It's considered a slightly better technical solution than LATCH.
Benefits of using Isofix are safe and easy installation. It's done in seconds. Drawbacks are higher price, due to currently lower volumes, and also the low 40 lbs weigh limit. Max Isofix RF limit is 40 lbs , Isofix is also used in some of our high back booster seats up to 36 kg (80 lbs)
Isofix was invented by the Swedes almost 20 years ago. The curent 40 lbs limit will be increased in the future, unclear exactly when. The new limit will likely be 50 lbs. It's currently being discussed.
While 40 lbs is a very high, or higher than what's available, RF limit is seen as quite low in Sweden since we strongly recommend rar facing until age 4. Some kids are skinny and will easily make it with 40 lbs while others have to be turned way too early.
Isofix was mandated in all EU cars in 2004 although I believe some don't have the connectors but are "prepared" for installation. Installing Isofix connectors in these cars is a 5-minute job. Some brands, such as VW, have had Isofix as standard way before 2004.
Isofix connectors can be found in back seat and also in the front seat since airbags can be turned off manually. Reason for Isofix in front seat is that it's just as safe, or safer, compared to rear seat.