from the technical point of view, it's largely different as Term uses its own shell whereas iTerm2 would use your shell (probably bash or zsh).
from interface: with Term each output is put into its own scrollable textbox. That way if you run a command that spits out a lot of output (e.g. grep or make), it won't obscure your previous commands.
There's also the command textbox which solves some problems I've ran into. For example, if you want to modify a long command, it can be kind of difficult if you haven't set up vim bindings with your shell or if you aren't quite adept at navigating the command-line. But since this is a normal textbox, you can use your mouse to click to where you want to edit.
from interface: with Term each output is put into its own scrollable textbox. That way if you run a command that spits out a lot of output (e.g. grep or make), it won't obscure your previous commands.
There's also the command textbox which solves some problems I've ran into. For example, if you want to modify a long command, it can be kind of difficult if you haven't set up vim bindings with your shell or if you aren't quite adept at navigating the command-line. But since this is a normal textbox, you can use your mouse to click to where you want to edit.