well, they have 3 stomachs, so Id guess they should be closer to cow manure than horse manure?
http://extension.ag.uidaho.edu/mg/southeast/Apr03.htm
this says llama poo is less smelly, and can be added over the winter to condition for the spring.
I dont know what pathogens llamas could harbor, but in general its safer to compost manure (except worm casting, theyre pretty safe as-is)
good luck!