Both Windoblinds and StyleXP 'modify' or skin the same parts of the GUI, generally speaking.
The former is a stand-alone program which can utilize graphic card acceleration to be speedy and efficient, and is endorsed by the author of the Operating System it is applied to and intended for.
The latter is a 'modified' breaking of the inbuilt 'protection' against unauthorized skinning of the OS, and is naturally not endorsed by the OS manufacturer.
It is claimed, but never proven that StyleXP can apply itself faster than Windowblinds, however subsequent tests beg to differ.
Windowblinds has the capability of being applied to more applications than StyleXP and is not dependent on the OS actually BEING 'XP', it works on all 9x, and later OS versions.
For skinners, Windowblinds provides far greater flexibility in skin 'style'/layout, and supports many functional [and useful] additions to the interface that StyleXP is inherently incapable of....