A. The composting toilet will use essentially no water. While the water in a septic system is recycled into ground water, this doesn't help. Water is plentiful, and not in short supply. Clean water suitable for drinking is not. A comment mentioned using rain water. A conventional residential toilet is used about 5 times a day. If low flow, call it 4 pee flushes (1 liter) and 1 turd flush (4 liters) So 8 liters a day. Per resident. A household of 4 uses 30 liters a day.
This Wikipedia article says current usage is 125 l/day usage.
30 l/day = 11,000 liters per year. In my climate (central Alberta) we get about 40 cm of precipitation per year. This would require perfect collection efficiency on a 27 m^2 roof. This ignores evaporation, leaky gutters, snow that slides off instead of melting (about 30% of my precip.) It also means you have to have non-freezing storage for essentially all of it. Roughly 1/3 of our precip is in June, 1/3 in winter as snow, and the remainder scattered. In a low precip year it can be substantially less than this.
Still, if I put gutters on all my roof, and collected it all, I could probably do this. So it's not impractical.
B. You do not have a large mass of concrete with it's embodied energy cost tied up in the septic tank.
There are alternative materials for tanks. Steel, and fiberglass are also used. You can ask a separate question as to which material has a smaller foot print over the life span of the tank.
C. You do not have the chemical external costs of making the PCV pipe for drainage field.
PVC as far as I've found is the only type of pipe available to construct septic drainage fields. In the bad old days clay tile was used. In theory you should be able to use weeping tile (corrugated polyethylene) but I've not seen it used.
Depending on the the design of the composting toilet, secondary processing may amount to storing a barrel in a warm place for a year.
The composting toilet will require a bale of coarse sawdust or fine wood chips. In our area, they give chips away. If you catch the power line pruners in your neighbourhood they will drop them off at your driveway. Buying them (here they are sold for horse bedding) costs $1200 for a 160 cubic yard walking trailer load delivered. Smaller bundles are sold as rodent bedding by pet stores. Based on the Sunny John design, this needs doing roughly on a yearly basis.
The largest expense for the Sunny John, is the room. If built as an outdoor unit, it amounts to a 5x5 foot insulated shed, with room underneath for 2 barrels. (Plastic, $20 each commonly, 2nd hand, $50 each wholesale new) Using salvaged glazing and thermal mass techniques it's self heating even in winter in Alberta, as long as it has a southerly exposure to sun. You would also need a dolly for barrel moving ($250) or hire it done periodically.
This particular design, the Sunny John, had this original link, but at this time you need to use the Wayback Machine to see the page.
It does not require addition of sawdust or peat moss after each use.
In a nutshell it uses a 45 gallon barrel as a repository, and was set up so that the barrel space was in a solar chamber. This kept the decomposition temperatures high enough to be continuously active, and dried excess water. When the drum was full, it was swapped out.
The easiest way to do the secondary process was to keep both barrels in the same chamber, and just swap positions. In the fall either mix it into your compost pile for an additional year of aging, or put it in your garden.
The downside of the Sunny John is that it doesn't retrofit easily. You basically are building a room with a 4-5 foot deep outside accessible 'basement'. Recommended for outside privy use or new construction. Would be very suitable for use in barns, shops, and other outbuildings.