Spess -
The difference is the zero point. The long range zero will have a higher mid-point trajectory. Personally, I don't use either - I calculate MPBR (Maximum Point Blank Range) using a FREE ballistic calculator caled "Point Blank" that is available from
www.huntingnut.com.
Take my 7mm Mag for example. My handloads shoot a Barnes 160g XLC at 3020fps. (I use a 160g Grand Slam to hunt with, the Barnes is just for demonstration purposes.) If I assume I want to hit a target 6" in diameter; I plug the bullets ballisitic coefficient, muzzle velocity, bullet weight and height of the sights/scope above the bore's centerline into the calculator. The ballistic calculator the tells me to zero at 257 yards for a MPBR of 302 yards. It also tells me that at 100 yards the bullet should be 2.6" high.
After zeroing for MPBR, I can rest assured that if I do my part the bullet will never be more than 3" above or below the line of sight all the way from the muzzle to 302 yards. If I was into head shots, that 3" might not be acceptable - instead I might want 1-1/2" from line of sight, or a 3" diameter target. In this case the calculator instructs me to sight in 1.4" high at 100 yards for a MPBR of 200 yards.
In my case the longer MPBR (6" diameter target) is suited to the game and terrain I hunt. If I was hunting heavy timber out east or south, wher 50 yards might be a long shot, the closer zero and shorter MPBR might be more appropriate.