This has probably already been said: the difference is monumental.
Cash games benefit the disciplined player. The ability to recognize +EV situations is the core of a solid game. Bluffs and "moves" are attempted from a purely longterm EV standpoint. The well disciplined player does well in cash games.
Tournaments on the other hand, benefit the fearless player. A lot of EV decisions go right out the window and are replaced by situational decisions -stack size, point in the tournament, payout structure, blind/ante level-. In tournaments bluffs and moves are more dependent on the individual situation, than a longterm EV standpoint.
For these reasons I only play MTT's when I'm running well. This way I'm not playing when my confidence is low.
I agree with Alex too, Hold' em is a boring game. I enjoy it in tournament format but for cash games give me the less popular games.
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