With VPS/VDS becoming more prominent in the hosting industry, I wanted to know the differences between the two.
Some are more obvious than others.
Not just the differences, but also the advantages and disadvantages.

Here are a few to get started:

VPS has root access - Reseller accounts don't
Reseller accounts are normally cheaper than a VPS
Reseller accounts have everything installed and setup, but you might need to tweak settings and install various things on a new VPS.
You have to pay a lot more to have a control panel on a VPS than a reseller account as they need a license for each VPS