The two devices are similar but different! Scanmaster is a scan tool. As such it generally plugs into the cars ALDL connector which feeds data serially at a rate of about 1 frame every 1.5 seconds, and with some chip massaging, can send some data points a little faster.
Powerlogger on the other had is a data logging device, and plugs directly into the ECM's parallel data connector, so data is recorded at about 18 frames per second (see the difference?). It also records MANY MANY more data points.
Many of us run both because when you upgrade to the powerlogger, you also get a chip to update the scanmaster so that it can read it's data points directly from powerlogger instead of the ALDL port. Makes scanmaster data much faster. The nice thing about running both is, for daily driving, you can see fast scanmaster data from the powerlogger without having to have the laptop hooked up.
Of course to record, log, and playback extensive data, you need your laptop hooked to the powerlogger.
For daily driving chores I use the scanmaster to monitor Wideband and Knock from the powerlogger, and no need for the laptop. And as stated earlier, to log/record, the laptop is required.