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MSoundFactoryLE provides all the sounds MSoundFactory comes with, but it doesn't let you access the edit screen though.
MSoundFactory provides hundreds of predefined sounds available via global presets, just as any other instrument. The true marvel however is the categorized system of instruments. An instrument is not just a sound, potentially with a few macro controls. It is an entire "instrument", with lots of settings and its own presets.
Imagine an 808 bass, you'd buy a dedicated plugin for it, right? Well, you don't need to, because that's an instrument inside MSoundFactory. Same as a grand piano, an electric piano, an organ, various synths, basses etc. And we are making more as we speak.