logging aggregation: ELK or Loki?

Hey folks, I'm working on a new microservices project and need to set up a centralized logging system. I've been looking at the ELK stack (Elasticsearch, Logstash, Kibana) and Grafana Loki. ELK seems powerful but can be resource-intensive. Loki, with its approach of indexing metadata rather than full log content, seems more lightweight, especially for large volumes. Has anyone here used both extensively? What were your experiences? Any gotchas or recommendations for a beginner setting this up?