I have no direct experience with Abit boards. That said, judging from the stats alone, you have a different audio chipset and perhaps a different LAN chipset. Just at a glance from the pictures, the Fatal1ty board has two rather large fans (with the OTES technology label) and a chipset fan, while the cheaper board has a heatpipe.
Notice the final stats on the Fatal1ty board list a number of different features that aren't listed on the other board (although I gather from the reviews of the cheaper board that the uguru OC'ing thing is on both).
I'm relatively new to this too, but take some advice from me: don't just ask what the difference is, check the stats and compare the pics first. You'll be surprised what you can figure out on your own. (Don't be afraid to ask, though.)
Looks like $80. Then I guess what you can see. Cheaper board uses a heat pipe and heat sinks. The other board has 3 fans built on the board and looks like better audio. But I think the main difference is the expensive board is geared toward OC's. Better software and bios I would guess.
I guess it depends on you budget and if you plan on over clocking. Didn't Tom's do a review on these boards. I recall something about budget boards. oops just checked it...it was a two MSI boards. But the conclusion seemed to be the over clocking difference.