Hi
This is a full blown 16 bit CPU replacement that runs at 20MHz and comes with 16 MB of Ram. It's able to accelerate a lot of games (makes Test Drive playable), makes Geos useable also. You can run new operating systems on the C64, especially coded for it, like Wings Os or Wheels (the last evolution of Geos). You can also run the amazing Metal Dust game!
The unit also comes with a jiffy dos chip which accelerates the disk drive loading times a lot.
The Turbo64 is a different beast...as far as I can see it's more of a normal C64 8 bit accelerator with some IO expansion.