Aside from the fancy marketing terms?
The architecture class is the powerflex 70, 700 series. These have separate control cassettes for control wiring so you can choose your voltage and optional encoder feedback, and they offer the most advanced control types and networking options. Some even have a Logix engine built in and can control I/O
The component class is the 40, 400 series. These have built-in control wiring (so you are stuck with 24vdc) and not quite as many parameters and features which makes them less expensive.
That's my experience with them anyway.