From my experience, white metal or pewter miniatures include the likes of Reaper dark heaven range, GW metal figures, and the old metal confrontation pieces to name a few.
Compared to older lead based figures, they tend to be stronger, less prone to bending, corrosion or damage than lead.
White metal has the drawback of being very heavy compared to resin or plastic and this can cause big problems with poorly designed kits that are completely cast in metal. For example, both Ral Partha's The Conflict and Bridge of Sorrows were cast completely in white metal in the UK and are too top heavy for long term display - resulting in shearing of the metal in both cases at the stress points.
White metal tends to hold really excellent fine detail. You can see the difference clearly by comparing dark heaven with the equivalent bones casts.
White metal is a lot harder to drill and pin compared to plastic or resin.