Altitude, atmospheric effects, and relative angular velocity are all factors in photography. Imaging from orbital platforms is also cheaper than airborne reconnaissance (per square meter, although the up-front capital investment is greater), covers a wider variety of purposes, and you don't have to worry about airspace violations; however, it may provide poorer definition, especially the more affordable commercial satellite imagery, and cannot compensate for cloud cover. So the distinction is significant on technical, operational, financial, and political levels.
Compensation for cloud cover in the visible spectrum is achieved by just picking an image from some of the next satellite passes. Also, there are active illumination imaging instruments (e.g. SAR) that can penetrate through clouds and see at night.
Atmospheric correction however is really an issue and often results in distinct patches on the "satellite" view
