Maybe there is no difference, but is either way better than the other (or perhaps a mysterious 'third' way better than both!)...
var startTime;
$(document).ready(function() {
    $("#lbl_ajaxInProgress").ajaxStart(function() {
        // store the current date/time...
        startTime = new Date();
        // update labels
        $(this).text('Yes');
        $("#lbl_ajaxCallTime").text("-");
    });
    $("#lbl_ajaxInProgress").ajaxStop(function() {
        // update labels
        $(this).text('No');
        $("#lbl_ajaxCallTime").text(myFunctionThatCalculatesTime(startTime));
    });
});
var startTime;
$(document).ready(function() {
    $("#lbl_ajaxInProgress").ajaxStart(function() {
        // update labels
        $(this).text('Yes');
    });
    $("#lbl_ajaxInProgress").ajaxStop(function() {
        // update labels
        $(this).text('No');
    });
    $("#lbl_ajaxCallTime").ajaxStart(function() {
        // store the current date/time...
        startTime = new Date();
        // update labels
        $(this).text("-");
    });
    $("#lbl_ajaxCallTime").ajaxStop(function() {
        // update labels
        $(this).text(myFunctionThatCalculatesTime(startTime));
    });
});
                An interesting fact is that ajaxStart, etc. are actually just jQuery events. For instance:
$("#lbl_ajaxInProgress").ajaxStart(function() {
  // update labels
  $(this).text('Yes');
});
is equivalent to:
$("#lbl_ajaxInProgress").bind("ajaxStart", function() {
  // update labels
  $(this).text('Yes');
});
This means that you can also attach namespaces to ajaxStart/ajaxStop, etc. Which also means that you can do:
$("#lbl_ajaxInProgress").unbind("ajaxStart ajaxStop");
You could also do:
$("#lbl_ajaxInProgress").bind("ajaxStart.label", function() {
  // update labels
  $(this).text('Yes');
});
$("#lbl_ajaxInProgress").bind("ajaxStop.label", function() {
  // update labels
  $(this).text('No');
});
And then:
$("#lbl_ajaxInProgress").unbind(".label");
Cool, huh?
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