Simple example: 10GB drive, 1GB data. Logical image will only require reading the allocated blocks (~1GB of blocks). Physical image will read all blocks, even the unallocated ones.
So the physical image read will take much longer. In the end, both EWF images are compressed, and since long sequences of zero blocks can be compressed very efficiently, the images are about the same size.
This example assumes that the remaining ~9GB of unallocated blocks are all or mostly zero'd out. The EWF image of the complete physical drive would be much larger if they had been *previously* used (either by a previous file system or allocated and subsequently deallocated).
Hope this helps...
Kam