I am no expert on this. But yes there are differences. Firstly, total number of Bitcoins that can be generated are much less than Litecoins. And because of this diminishing number of Bitcoins is faster and so they are expensive. Both use different algorithms. Bitcoin is like GOLD in Cryptoworld and Litecoin is claimed to be the SILVER in Cryptoworld. Other differences are more technical, which even I am studying. Hope this answers your query.
RE: LiteCoin (LTC): Is This the Time to be Taking Buying or Selling Actions?