Icenium Graphite have many advantages like: advanced code analysis, code refactorings, mobile simulator, deploy and debug on devices functionality to name a few. You can give it a try and see for yourself.
Regarding your question about WebSQL the 5MB limitation is for the built-in SQL. It should be fine for most application, but if you need to store data above this limit you can go with the SQlite plugin that we support as well. You can find more information about the plugin here
All the best,
the Telerik team
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