In this paper, a lattice Boltzmann color-gradient method is compared with a multi-component pseudo-potential lattice Boltzmann model for two test problems: a droplet deformation in a shear flow and a rising bubble subject to buoyancy forces. With the help of these two problems, the behavior of the two models is compared in situations of competing viscous, capillary and gravity forces. It is found that both models are able to generate relevant scientific results. However, while the color-gradient model is more complex than the pseudo-potential approach, numerical experiments show that it is also more powerful and suffers fewer limitations.