I can't give any scientific evidence or anything like that.............. but........ since I use both I can give you an opinion.
First off they are one and the same. The only real difference is the dry likes to float where the frozen gets into the water collum. Other than that, the corals and fish like them just the same.
I like the frozen stuff better because of the floating reason. You can soak freeze-dried for a period of time and most will sink, but frozen is good to go after thawing. I have to imagine that frozen should retain more nutritional value too, but I really don't have any evidence to back this up. The colors of the frozen type are more vivid, I can say that much
Some guys that knew corals (and had a LFS here) told me that frozen is much better than freeze-dried. I also read that food in general is better frozen than freeze-dried (Fenner I believe).
I feed fish fry both. The frozen immediately enters the water column and they can pig out. The dried floats for hours and they can pick at it between meals. As far as propogating SW fish I think Cyclop-eeze has been product of the year for a few years now.