Yes they are different, there are two venues at LA Live. Nokia Theater is the huge 7,100 seat theater. Club Nokia is on the third or fourth floor in the building adjacent to the Nokia Theater. Its where the conga room is. Club Nokia is like a 2,000 capacity venue, sorta like a house of blues.
Official Policy is that you CANT take your camera there, but i've been to two shows, both times i snuck in my small digital camera. It seemed like a lot of people snuck in their cameras.
Club Nokia is like house of blues in the that there's two levels- floor and a balcony. I've been to two shows where the floor was general admission (no seats were set up). Your ticket is for the balcony level. VIP2 is hte center of the balcony, and BB is either the first or second row. You can see your seat on the seating chart:
http://www.clubnokia.com/seating.php
From the floor, it looks like the balcony directly overlooks the stage and is probably a really good view.
I've only been down in the GA/Floor area so i've not seen the VIP lounge, but im assuming there's a bar upstairs in the balcony area reserved for those w/ VIP tickets. I know its not downstairs.