The main difference to me is that the keg cold conditions for months and clears extremely well. Bottles could be cold conditioned but I don't keep whole cases refrigerated and each bottle would still have sediment to avoid.
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Ha, if you're one of those who keeps your kegs around for months.......
I had a friend recently keg and bottle a 10 gallon batch of pale ale. The bottled version was actually a lot better. For some reason the keg version had a butterscotchy thing going on, much like I was dealing with for a while. He swears his co2 lines and disconnects are clean. So, ruling that out, I can only think that whatever diacetyl was there, was cleaned up by the bottle conditioning phase. That, or something was off in the carboy he fermented the kegged version in.
Either way, I think kegged beer holds up A LOT longer than bottled beer. I always get slight oxidation flavors in a lot of my homebrewing friend's beers that have been bottled that I don't get from my own kegged versions. Perhaps there's something to do with handling of the beer post fermentation there too.
But, in general, you shouldn't see a whole lot of difference between kegged and bottled versions of beer. The conditioning phase for bottles might clean the beer up a little more if there's diacetyl present, but should affect much else. But, bottled versions will likely begin showing oxidation after a few months in the bottle in my experience.