Over time, the two words have become pretty much synonymous to mean the same cotton flannel/flannelette fabric.
However .... in the olden days .........
Flannel ... was wool
Flannelette ... was cotton
So while defining differences .... combed cotton vs. flannel/flannelette?
My visual observation is that the combed cotton is virtually the same on both sides. Perhaps a little finer weave. Also, possibly a little softer/fuzzier on the right side. It has been much the same in the wash/day cycle re shrinkage and after several washings is still losing fluff!