Software product lines (SPLs) allow stakeholders to manage product variants in a systematical way and derive variants by selecting features. Finding a desirable variant is often difficult, due to the huge configuration space and usually conflicting objectives (e.g., lower cost and higher performance). This scenario can be characterized as a multi-objective optimization problem applied to SPLs. We address the problem using an exact and an approximate algorithm and compare their accuracy, time consumption, scalability, parameter setting requirements on five case studies with increasing complexity. Our empirical results show that (1) it is feasible to use exact techniques for small SPL multi-objective optimization problems, and (2) approximate methods can be used for large problems but require substantial effort to find the best parameter setting for acceptable approximation which can be ameliorated with known good parameter ranges. Finally, we discuss the tradeoff between accuracy and time consumption when using exact and approximate techniques for SPL multi-objective optimization and guide stakeholders to choose one or the other in practice.