sonically there is no difference but in terms of how we treat them in preparing modulations and other compositional tricks, they are different
as already noted there is the one note name per scale rule
7#'s vs 5b's is important if you are writing music out for transposing instruments such as the clarinets, most of the brass and the saxes
Most of those transpositions are up a tone (instruments in Bb) but some can be up a minor 3rd (instruments in A) or a major 6th (instruments in Eb) or even up a 5th/down a 5th (the French Horn in F)
What this means is that
- If I am writing something in E major, then I will have to write transposing parts in
-- F#/Gb (6#'s/6b's), G, C# and A
--- 7 #'s is tough to read, so I might recast the transposition to 5b's for ease of reading.
- Similarly, if I were writing something in B, my transposed parts would be
-- C#/Db, D, G#/Ab and F#/Gb
--- I am certainly not going to write a part out with 8#'s so would use Ab (4b's) instead of G#, using Db for C# is just common sense
--- I might even consider writing in Cb major to begin with (7b's) simply to make the transpositions simple
--- not so necessary these days with software that can handle the task for you