I only have 1 lustreglass, but basically it has a thinner consistancy, it's pretty sheer, and it has glitter in it. I like the lipglasses better because they seem to last longer. Every time I put on the lustreglass it wears off pretty quickly and just leaves glitter all over my lips :/
I find lustreglass more sheer in colour and not as tacky, but that also means it doesn't last as long. I like lipglass for the colour and staying power. The only two I've got are Flowerosophy (when I don't want to overpower my peaches/corals) and Budding (too pretty, and the only item I have in that bold colour), and I doubt I'll be buying more.
In my opinion: Lipglass: more thicker and goeey-er, more color payoff, comes with a doe-foot applicator Lustreglass: more sheer, gives a lot more gloss (more glittery..sometimes), and a lot more subtle colors, comes with a brush wand