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® means the trademark has been registered with the U.S. Patent and Trademark Office, while ™ means it hasn't.
edit: To add a bit more, someone who owns a registered trademark has more legal protection with regard to infringement than someone with an unregistered trademark. An unregistered trademark can still have some legal protection, but within certain limitations.
Generally, there is no practical difference. So long as you were the first to use the mark, you legally 'own' it whether it's registered or not. However, there may be geographical limitations to your ownership and it may be more difficult to prove you were the first to use the mark if it comes down to a fight.
It's a bit like putting up a PRIVATE PROPERTY sign on your front gate. It's private property whether that sign is there or not, the sign just makes it clear that you're going to be a bitch about it.
You also see (tm) used when a brand is afraid thier name or slogan will fall into public usage and lose that protection. Band-Aid Brand (tm) is a great example, because people refer to bandaids all the time, even though that word is actually a brand, same with Kleenex and Jello. They emphasize the word 'Brand' in an attempt to keep that from happening.
It can also be used to take away literal meaning, It's Fresh! (tm) for example, is just a coporate slogan, and may not be used guarentee actual freshness. This kind of ploy is so common now that you can see it in the written word, like 'she might be The One(tm)', or 'don't worry, i'm still a Virgin(tm)!'
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edit: To add a bit more, someone who owns a registered trademark has more legal protection with regard to infringement than someone with an unregistered trademark. An unregistered trademark can still have some legal protection, but within certain limitations.
Generally, there is no practical difference. So long as you were the first to use the mark, you legally 'own' it whether it's registered or not. However, there may be geographical limitations to your ownership and it may be more difficult to prove you were the first to use the mark if it comes down to a fight.
You don't even need to display a ™ or ® to protect your trademark, it's just a formal way of pre-emptively threatening to sue anyone that tries to use the same trademark. Same as with copyright protection, the law recognises the original creator as the legal owner whether or not they display a ©.
It's a bit like putting up a PRIVATE PROPERTY sign on your front gate. It's private property whether that sign is there or not, the sign just makes it clear that you're going to be a bitch about it.
It can also be used to take away literal meaning, It's Fresh! (tm) for example, is just a coporate slogan, and may not be used guarentee actual freshness. This kind of ploy is so common now that you can see it in the written word, like 'she might be The One(tm)', or 'don't worry, i'm still a Virgin(tm)!'