One statement that has come up in past discussions relating to the DIV vs. Table debate has to do with loading priority of the components themselves. Tables will not load any content until ALL content for the table is present whereas DIVs (being individual content blocks and technically each 'cell' is separate from the other) load as the content is present. This allows for smoother page loading from my understanding of it.
However, I could be talking out my ass as I've never directly compared the two.
What I do know is that the 'industry standard' these days is DIVs due to additional layout flexibility and capabilities that DIVs provide.
For those situations where you are concerned about cross-browser compatibility... Most browsers are fairly uniform in the way they handle DIV formatting. Notable exception here being Internet Explorer.
I'm not going to bash Microsoft here but if you do a quick search of DaniWeb's forums under the search term "Internet Explorer" or "IE" you'll likely come up with dozens upon dozens of posts related to layout issues in IE. The silver lining here, however, is that the latest version of IE seems to finally be catching up with the pack in it's ability to handle diverse formatting abilities that it didn't handle properly before. Also, as mentioned above, there are workarounds that can be used on older versions.