The main difference is the bottom scope is fully enclosed thus can work in all weather (assume it is weatherproof).
The top one projects a beam from the rear section to the lense. Anything that gets in the way disrupts the light and the sight is 'dead'. This one is more likely to break in rough use since the lense is not well protected. It is also alot lighter and lower in profile.
In function, they both do the same and offer similar optical properties.
Jerry