Comparing these two there are far more configuration options available using sp_configure. sp_configure is nothing but a query run in a query window in a Management studio. But the server properties can be changed using this query and here are some of the examples.
Once sp_configure query is executed the following 16 options are displayed with its default values. By changing these values the advanced configurations can be set up here.
I will show the detailed options in my next post for most of them. Till then good luck on your search on my blog.