Differences for the laymen, that &%#$@ smaller connector isn't necessarily a good thing. The good old DVI was nice since you could use the two thumb screws to keep it connected. My HDMI cable is a pretty fat and heavy. I worry about the stress of the output terminal.
HDMI uses 'HDCP' that makes some components incompatible with each other despite the fact the connectors are the same.
But yea, they're both good, one does audio. That's the biggest difference.