Latch: i) Level sensitive element
ii) Occupies lesser area than a Flip Flop
iii) Because of lesser area and switching activity, consumes lesser power
iv) Time borrowing is possible with a Latch. Hence operating frequency can be higher
Flip Flop: i) Edge sensitive element
ii) More area than a Latch
iii) Since area and switching activity are more, power consumption is more than that of a Latch
iv) Time borrowing or cycle stealing is not possible with Flip Flops and so the slowest path decides the operating frequecy