The inline JavaScript solution has a subtle, but very important (and an often overlooked) performance gotcha: inline scripts block on CSSOM before they are executed. Why? The browser does not know what the inline block is planning to do in the script it is about to execute, and because JavaScript can access and manipulate the CSSOM, it blocks and waits until the CSS is downloaded, parsed, and the CSSOM is constructed and available.

» Ilya Grigorik | Script-injected "async scripts" considered harmful