Yeah ... good posts, good thread.
In purely operational terms I suppose you might say that there need not be much difference, although different people are different.
Personally, I like to have "all if it" summarized as 10-20 list items of comparable importance (in my left menu). In my case, those will be:
- major projects
- goals, visions, directions of major change
- AoRs for regular ongoing stuff (regular and small projects)
I find that I seldom have much use for an exhaustive mile-long list of every single "GTD micro-project" (multi-step little "task"). It is enough for me to see those in their natural "habitat".
Instead, I really do appreciate - it gives me a sense of control and "a mind like water" - having the totality summarized in this balanced and more graspable list (20 items or less), regardless of whether these items are projects, goals or something else.