At what level are you asking?
Functionally, they provide nearly identical services, getting messages in and out of BizTalk.
Correct, technically any WCF Adapter, LOB or not, can be used outside of BizTalk. The LOB Adapters still require a BizTalk license.
In practice, the LOB name applies to Adapters the interface with an external system/application by some form of API (SAP client libraries) vs. a pure over-the-wire protocol (such as FTP or HTTP).
Native BizTalk Adapters are built directly on the BizTalk Adapter Framework (BTAF), the BizTalk Adapter API. WCF (LOB) Adapters are just WCF channels/bindings/elements etc. that are activated by a native bridge Adapter, WCF-Custom, WCF-BasicHttp,
etc. At runtime, it's an Adapter (WCF) within an Adapter (BTAF).
Yes, WCF Adapters are fully managed and in practice so are most BTAF Adapters.
Which to use? That depends on a lot of things. I still would use BTAF for any new Adapter implementation. It's just easier to create a BizTalk-only Adapter that way and WCF has too much 'Framework goop' and 'SOAP-ness' to work around.
However, if your target is a system that is mostly HTTP/SOAP but not handled directly by WCF, that situation can usually be handled by just extending WCF with a custom element somewhere like an Encoder or Behavior.