The main difference is in management, packaged applications, and what patches or modifications are made to the included packages.
BTW: The modifications may claim better hardware support, distribution value adds, bug fixes, etc...
It is my opinion that the most important aspects of a distribution are: management (future plans, agendas, survival models), and standardization (both LSB, file system, and administration methods).
I can't help myself to not plug a new community maintained RPM based distro here:
http://www.linuxquestions.org/questi...?s=&forumid=44 (cAos)