PearsonArtPhoto's answer is correct, as far as it goes. I'd like to add two more major differences between the two types of suits in question (FYI, I'm basing my answer here on the Launch and Entry Suits (LES) and the Extravehicular Maneuvering Units (EMU) used during the Space Shuttle era).
Mobility: The EMU's were designed in such a fashion so as to allow the crewmember inside to perform rather intricate tasks during long spacewalks. The EMU gloves were custom fitted for to each astronaut, while the LES gloves were generic. Also, the EMU's were designed to allow relatively unhindered arm and leg movement when compared to the LES.
Fit: In general, the EMU's, being modular in construction, allowed for a better fit. One could mix and match torso, leg, arm, boot sections. The LES's, on the other hand were mostly of unit construction. Sometimes, this led to compromises being made. For example, a particular crewmember might have considered arm length the primary factor in choosing a size, even though said suit may have been too short in the shoulder to crotch dimension (ouch!). It was generally accepted that long EVA's would be quite difficult if one were wearing a standard LES.