As you can see, the Etude House one is much much larger than the Tony Moly. It's actually quite huge.
Tony Moly's highlighter comes in a quaint glass bottle. As other bloggers have noted, it does give it a more elegant feel.
Etude House also has another cream highlighter on top. I think someone said this is for the eyes or something.
Comparison: Tony Moly on the top, Etude House in the middle, and Etude House cream on the bottom.
Both have a liquidy texture.
Blended out, the Tony Moly is more visible, the Etude House has a more natural looking effect. The Etude House cream one has the most shimmer though.
I tried this on my face and decided that the Tony Moly was best for highlighting cheek area. It may be because I'm pretty light already, so the Etude House doesn't really look like much. I supposed I could try the cream Etude House instead though. For highlighting forehead and chin, Etude House worked best. The Tony Moly gave it an unnatural sheen that you wouldn't see for those areas.
The swatches are blended out to the left.