In the first, Jesus Christ is seen as the same essence as God the Father, thus an equal to, if not actually the same as the Father.
The second merely says that Jesus is like the Father, but distinctly subordinate.
To make things even more confusing, there also is Homoiousianism, a view that tries to reconcile the two opposing schools of thought, by reintroducing the term "essence" avoided by Homoianists, but still viewing it not as equal, but merely as similar. So it's kind of an "almost equal" thing.
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