Somewhere in the forum Rudy Vey has a six-part pictorial on the differences and attributes. Might try a search.
I believe the bulb shape makes for a stiffer, springier brush. That also is an advantage for loading up the brush off a puck of hard soap.
Aesthetics, both look and feel against your face, are definitely different as well.
Here is the Rudy pictorial....excellent visual of the differences at different lofts.
http://badgerandblade.com/vb/showthread.php?t=143551
I like them both. Recent experiments for me have shown that I prefer the same sort of knot to have the fan set lower than the bulb. So I think that a bulb seems to have a bit extra stiffness from the shorter supporting outer hairs.
i generally go for bulb shaped knots, or at least roughly spherical... Fan shaped knots always make a mess on my face, and lather my ears/nose... The bulb is easier to use for cream and soap, and more precise... Just my experience, though.
I wasn't aware that the shorter hairs around the edges added so much to the backbone of the brush. Good information!