For consumers, the most important difference may be where you buy them! By law in the US, all medicines containing pseudophedrine are kept behind the pharmacy counter (meaning you can only get it when the pharmacy part of the store is open) and there may be certain other hoops to jump through; I think you have to show ID, sign your name, etc. It does not, however, require a prescription; the idea is just to make it harder to get so as to, in theory, keep people from using it to make meth. Probably it actually inconveniences regular people more!
Phenylephrine had largely disappeared from over-the-counter medicines until the new law. Now it is often found in combination medicines especially so that they can be sold on the store shelves.