When everything is working correctly, they should have the same effect.
The two are on different "interfaces" - the lookback address is on the loopback interface which should be present always (unless you've done something really freaky with your config). The local IP address is on one of your other network interfaces.
If that interface didn't come up, then that ping will fail but the loopback IP should still work.
Furthermore, depending on how your network interface is set up - specifically whether it's getting an auto IP address via something like DHCP, or whether you've given it a static IP - the interface might come up but not have the IP address you expect, in which case pinging the IP address will also fail.