Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
I have both, Tilt shift seems more primarily for making your pictures look like a minerature set type deal

whle Tilt Shift Generator offers, a regular type blur (radial or a straight line) also you can mess with Contrast brightness and hue and saturation. you can also add a vignette(sp?) blur
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.