Jay_gm,
I know this question was not meant for me. Hope you don't mind me answering it.
AOS(adjustment of status) is what you file while being in the US. Filing of 485 helps you getting an EAD(Employment Authorization Document). If you get laid off/loos your job for some reason while your I-485 is pending, EAD will help you find a job without having to go thru the pain of finding an employer who is willing to sponsor your H1. This is the only advantage. As far as processing times go, if you file your I-485 in June 2003(assumption) it will take you atleast 2 years to hear a decision on your case.
CP(Consular Processing)
You file I-824 in this case and mark your I-140 application saying you want to go for CP. After you I-140 approval the INS will make a Packet3 ready in your name and send it to NVC(National Visa Center) from where it will be sent to the consulate in your home country. If you're from India then Consulate is zonal based. Your interview will be scheduled and you will be notified to appear in person along with secondary /derivative applicants. They will go thru your file and stamp your passport after approving your case. In the case they deny then you're in problems. Also if you are not working for the employer who is supporting your 485 , then also you're in problem. AC21 laws don't work for CP processing. This is the biggest disadvantage. So one should opt for CP only if they think that they are going to be in the same job till they are called for CP interview whereas I-485 gives you an option to get approval by taking the support of AC21 law in the event you have changed jobs during the process.
Hope I was helpful in making the difference clear. Let me know if you have any other question.