Yes - their performance characteristics differ significantly. It would probably be better to call them SortedList and SortedTree as that reflects the implementation more closely.
Look at the MSDN docs for each of them (SortedList, SortedDictionary) for details of the performance for different operations in different situtations. Here's a nice summary (from the SortedDictionary docs):
The SortedDictionary<TKey, TValue> generic
class is a binary search tree with
O(log n) retrieval, where n is the
number of elements in the dictionary.
In this, it is similar to the
SortedList<TKey, TValue> generic
class. The two classes have similar
object models, and both have O(log n)
retrieval. Where the two classes
differ is in memory use and speed of
insertion and removal:
SortedList<TKey, TValue> uses less
memory than SortedDictionary<TKey,
TValue>.
SortedDictionary<TKey, TValue> has
faster insertion and removal
operations for unsorted data, O(log n)
as opposed to O(n) for
SortedList<TKey, TValue>.
If the list is populated all at once
from sorted data, SortedList<TKey,
TValue> is faster than
SortedDictionary<TKey, TValue>.
(SortedList actually maintains a sorted array, rather than using a tree. It still uses binary search to find elements.)
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