Performance wise, they are the same. However, the platinum version has more options. Very good software and highly regarded here at Afterdawn and elsewhere. Shell out for the bucks and you won't be disappointed.
Personally speaking, I'm a slysoft devotee........life without Anydvd, is un-thinkable.
For outstanding quality there is yet another option to consider, and that is DVDRebuilder PRO. Yes there is a free version, and yet again the PRO version lends more options. The results can be outstanding for those with larger screens and so forth.
AnyDVD doesn't do precisely the same as dvdfab. Anydvd runs in the background and decrypts dvd's and/or rips dvd's....but that's it. Then you need to use a post rip program like clonedvd or RipIt4Me etc etc.
Perhaps the best way to get you familiar with all this decrypting stuff, is to get you to visit the official Afterdawn "The ultimate backup resource thread"
I hope this isn't the wrong place to ask, but can you edit VOB files. For example in a musical DVD, can I burn it and then make a certain part of it shorter so I can hear only one song and not the other parts of the DVD (which now resides on my external hard drive)?