Well, for a start, I think you'll need to be on 12c before you can use them.
But other than that, the differences are only subtle. For example
SQL> drop table t purge;
Table dropped.
SQL> create table T
2 ( pk number generated as identity ,
3 c1 int);
Table created.
SQL> select object_id, object_name,
2 object_type from user_objects;
OBJECT_ID OBJECT_NAME OBJECT_TYPE
---------- ------------------ ------------
414914 T TABLE
414915 ISEQ$$_414914 SEQUENCE
You can see that to perform the identity, Oracle created a sequence for you anyway, and you can control all the normal sequence functions at creation time, eg
SQL> create table T
2 ( pk number
3 generated as identity (cache 1000)
4 , c1 int);
Table created.
One thing this is perhaps of interest is that you also gain more control over what people try to do with the column - for example, you can "lock down" usage of the column:
SQL> insert into T values (1,2);
insert into T values (1,2)
*
ERROR at line 1:
ORA-32795: cannot insert into a generated always identity column
Hope this helps