Afaik this basically alternates between the new Corona material setup (post 1.3 / 1.4 if I recall correctly?) and the old one. It is there for compatibility reasons and as the name suggests, the PBR one is the new one and it adheres to the general PBR workflow.I remember the difference being that with the new PBR material you can get the glosiness down to 0.0 levels and it will look near completely rough whereas with the previous material that wasn't really possible. There are probably some other changes too :)