Chanalyzer Lite	Chanalyzer 3
Wi-Spy Compatibility	v1, 2.4i, 2.4x, DBx, 900x	2.4x, DBx, 900x
Hardware Configurability	Limited
3-D View
Wi-Fi Channel Graphs
Wi-Fi Network Graphs
Density View
Planar View
Waterfall View
Adjustable Timeframe	Limited
Wi-Fi Channel Information
Zigbee Channel Information
Device Signatures
SSID Overlays
Save Recordings
Notes in Recordings
Recording Playback
Networked Wi-Spy (Recon, etc)

Short answer: Chanalyzer 3's feature set has been developed for wireless technicians who make their living troubleshooting Wi-Fi. It is advanced, and includes all of the necessary tools to perform complete spectrum analysis in real time, or to record it to catch intermittent issues. Chanalyzer Lite, meant for more casual users, is basic and includes easy-to-read graphs such as the 3-D spectral view and channel usage chart to get new troubleshooters up and going quickly.