what different things do they do? they are both aerators. one is far more suitable for seedlings than the other. neither hold an appreciable amount of water, so neither are suited for such a task imo.
i think you will find that you are alone in your assertion that they differ vastly and accomplish very different things within any soil mix. like i said, a good chunky verm will not hold much water whem compared to an equal volume of say coir or peat or the like. super fine verm probably holds more, as the same is true with fine perlite.
if you are adding verm to a mix to add water retention... imo you are doing it wrong. add a small volume of peat/coir or compost to your liking , then fluff it out with either aerator to your liking.
also i dont see how using them both accomplishes anything either or could not.
lol... word?! I think among people who know what they are talking about you will find yourself alone in this assertion. If you think perlite and vermiculite are essentially the same then you are mistaken. Vermiculite is used in mycology as the* water retaining substrate amendment of choice. The way the two hold water is completely different too. Vermiculite imbibes water within* its "cells," while perlite retains water be adhesion to its vast surface area. Also, vermiculite, unlike perlite is actually nutritve--providing a whole range of trace minerals and micro nutrients to both the plants themselves and the beneficial fungi and bacteria in your soil. I would never argue that vermiculite or perlite are the* water reatianing elements of a soil composition. In fact, that is what I was aluding to with the assertion that a better topic for comparison would be that of the pros and cons of using cococoir or peat moss... as peat moss retains too* much water, while cococoir holds just enough and dries out readily--making the soil less prone to water logging. Also, although both of these base amandments are known for their drop in pH over-time, peat is known to become acidic much more quickly than coco coir. This along with the consideration that, unlike peat moss, cococoir is renewable makes for a great argument for why coco coir could or should* be used exclusively in a mix. Vermiculite and perlite are so vastly different that they should always be used together. However, peat moss and cococoir are so close to each other that you could choose to use one exclusively depending on the needs of a given plant... If you want a soil that never dries out and is slightly acidic then use peat (tropical plants fit this category (bromeliads and such)... while if your plants prefer not to have wet feet and want more neutral pH then coco coir is the better option. But to say that verm and perlite accomplish the same end in a mix is incorrect.
Edit: I found this link which does a pretty good job of elaborating on the differences between the two amendments, perlite and verm.
http://worldseedsupply.org/blog/?p=113