Under 176, you cannot earn any deficit points to make up the required 65. It is only the sponsorship from state or relative but the points are not allotted.
Under 475, In addition to the sponsorship from state ore relative you will be awarded points to make up the required 65 points. The other difference being 475 is a provisional visa to start with and 176 is a PR straight away.
Both come with the limitations of living and working regions. Please check the DIAC site for the permitted areas under which a migrant can live or work under the above mentioned programs.
From what i have heard 176 and 475 are the fastest ones to be granted.