Traction Lok is the Ford trade name for its limited slip differential. Posi-Traction is the trade name General Motors thought up. Perhaps you're thinking of the difference between a "locker" style diff and a limited slip. With light cars, lockers can tend to make the car understeer while accelerating out of corners.
As far as clutch-style vs. gear-style limited slip diffs, the big differences are price (clutch-styles are cheaper), maintenance (clutch-styles require more periodic maintenance), and consistency of action (gear-styles don't diminish in performance over time like clutch-styles).
Hope that helps.
Eric