Yes,they are different.
1.If you want to building updatepackage for fastboot.
$make updatepackage
THis is just a zip file including target board binary images (boot.img,recovery.img,system.img)
You can use it in fastboot mode.
$fastboot update yourupdatepackage.zip --this will check target board name
2.Well,the otapackage is a zip file including your whole target system files Generally otapackage building require
device key.Of course you can use fsl common device key in device/fsl/common/security and this is default setting in BoardConfig.mk
by below lines:
PRODUCT_DEFAULT_DEV_CERTIFICATE := \
device/fsl/common/security/testkey
Here I list my otapackage zip file dir:
boot.img
system/ --including all your system files like your out/target/product/xxx/system
recovery/ --including recovery script and recovery.P
META-INF/ --including script and CERT,signature of your ota package which is used by recovery image.