You can accomplish same thing with both. One difference with rbenv is that is only keeps one global copy of a gem whereas rvm will install the same gem for each gemset using it so you end up with duplicate copies. Rbenv does bundle install quicker when the gem is already installed for another app for example.
Here is a short tidbit from someone in favor of rbenv:
https://github.com/sstephenson/rbenv/wiki/Why-rbenv%3F
There are lots of comparison posts out there as well that explain the two.
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