According to this, it should be possible to convert an LLC into a Delaware corporation later: http://www.feld.com/blog/archives/2006/03/entity_conversa.ht...
Yes, but what's the point? Not that much difference in cost or maintenance time. And it is just one more hurdle to deal at a time when you don't need hurdles, e.g. when you are trying to close a funding deal.
I don't want to say that everybody should choose an LLC at first. Rather, if you're not 100% sure you'll get funded by Y Combinator or other investors soon, you can keep the LLC and its possible benefits under consideration even if you hope for the best. YMMV.
Based on what I've read, LLC in your legislation may have tax benefits, cheaper and easier setup process, and less yearly bureaucracy.
Just a note for potentially cash-strapped California startups:
CA collects at least $800 a year for all corporations operating in the state, however, S and C corporations are exempt in the first year while LLCs are not. That $800 is due about 120 days after incorporation and it's an annual minimum franchise tax, so you'd have to make like $9,000 profit your first year to recoup it.
An LLC shouldn't hamper you in an acquisition liquidity event. In fact, there are often tax benefits for the buyer vs a C corp. The reason not to do it is if you want outside investors. VCs just don't usually invest in LLCs as far as I can tell.
An LLC is fine for a business where you expect to make your money from profits rather than a liquidity event and aren't trying to raise VC money.