Hi,
The basic difference is the proof of funds u show,
For SPP u need to show an educational loan equal or more than 80% of ur tuition fees and living expenses for 1 yr in canada. in general u can show the funds in ur or ur sponsorsz account.
SPP is faster processin wid lesser documents but there is a list of canada colleges that fall into this category. Check this link for more info
http://www.canadainternational.gc.ca/india-inde/visas/StudentPartnersProgram_ProgrammePartenairesEtudiants-Nov09.aspx?view=d
There will also be a different checklist