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Looks can be deceiving. Have you looked in the LabVIEW Help? Both of those nodes are fully explained in there. The Formula Node is for entering C-like code. The MathScript Node is for entering Matlab-like code.
Which one is better integrated with LabVIEW, native to LabVIEW, and runs faster? I am writing instrument driver. If one of my customers has a only got a base-licence, he will not be able to run something writen by Mathscript. Can he run if driver is writen by formula?
The Formula Node is included in the base package. If you ever need to find out which VI is included in the different LabVIEW packages, you can look in the LabVIEW help. At the top of the help document, it saves which LabVIEW package the VI needs.