From README.md:

tlocate

mlocate rewritten in bash with a text file instead of a database

Pros/Cons over mlocate

Allows nearly arbitrary filtering of results by attribute or type (see test man page for possible filters)
Only requires bash, GNU coreutils and sudo
Uses similar command syntax and configuration to mlocate
Allows querying for more than 1 regex
Better handling of btrfs subvolumes
(minor) Verifies that text file has not been altered
(minor) Searches are marginally faster (Almost unnoticeable without the time command)
(minor) -p/--pretend option shows command that would be executed which allows users to make sure they execute what they want
(minor) --statistics prints what was in the configuration file at the time of the last update
(minor) By default (without the --quiet flag), tlocate prints the date and time the text file was last updated after a query. This is automatically disabled if script is going into a pipe.

WRITTEN IN FREAKING BASH. Considering rewrite in Python. Also considering port to sh for extra portability
Updating text file takes longer than updating mlocate database (I'm looking into optimizations here)
(minor)No sanity checks on filtering e.g. tlocate --files --or --existing is redundant but the script allows it.
(minor) No logic sanity checks. e.g. tlocate --files --and --directories is accepted (though obviously returns no output).
(minor) In a similar vein, no performance sanity checks either e.g. tlocate --existing --or --links is more effecient than tlocate --links --or --existing (as bash does not evalute an or statement if the first test fails and files are more likely to exist than be links).
(minor) Text file takes up more space than mlocate database (could build in compression if this were a big deal)

Updating text file is not separate command. tlocate -u is the equivalent updatedb
locate --nofolow is equivalent to tlocate --existing --or --links
Regexes are default but can be disabled with -x/--noregex
Configuration files are very similar but entries resemble bash arrays