Unless it's a Dell OEM version (and perhaps a few other branded OEM versions), there should be no difference. The OEM versions you DO NOT want will be ludicrously inexpensive-a dead giveaway. If you see a modest price difference, go with the lesser price.
I've bought Dell OEM versions of XP Pro for under $10 because of this OEM thing. Why the weirdness with price? Dell tweaks their installation to actually look for a Dell signature on the hardware and some of their OEM discs won't install without finding that signature. Having a couple of Dells sitting around, I thought this was a good deal so I have a few backup OEM install discs.
Cold Warrior is spot on about licenses. When you buy an installation disc, you buy a license. Win7 is very good about checking with Microsoft to see if the license key you supply is valid and unused-you can't get away with installing a retail or OEM disc on more than one machine because the OS won't let you.