Booting live cd vs. installing

[ShellStorm]

I have a question for everyone.
Is there any difference in simply booting Backtrack5 on a live CD or booting the CD and then installing Backtrack 5 to my HDD.
One main concern of mine is every time I boot the live CD instead of selecting Backtrack 5 to boot instead of another OS will all the content or files that I download while on the live CD stay there or will the get deleted? Another is, does the installed version of Backtrack 5 allow full access to it's software vs. booting the live CD and having limited access to software.

[maverik35]

Question 1: Difference between Live and Installed? Wow, huge difference. Is there a difference in going to work by walking and by car?..Not only that, updates, aditional installations (OpenOffice, google chrome, Compiz, etc), drivers for sound, video, wifi card in case you have issues with them.

Question 2: Yes you will loose all configurations and data collected unless you save them (data) in a USB stick.

Question 3: But off course you do have access to all software.