Same stuff. Very intense cologne, where the scent in the shave cream is quite muted. I was filling some sample vials with the cologne last night, and my whole bedroom stunk to high heaven. It was almost overpowering. SWMBO was not pleased.
I love this one. It is easily the most powerful "sandalwood" that I've ever used. Now let me explain the quotation marks. This indeed has a big, nose filling sandalwood base to it. It also has to my nose a powerful citrus component for the topnotes and I don't know what else for heart notes. It's a very complex scent. It's very classy, powerful, LONG lasting(at least on my hide), and women folk just love it. A real personal favourite. If you like stout colognes, this is it. Scotto's experience with the strength factor is dead on. Don't "splash" this on in a tidal wave. You'll announce your arrival to the whole neighborhood! It is a super classy scent and one you should at least sample.
One of my favourites, I think the cologne is a bit sweeter than the shaving cream, maybe it's just more intense. As Todd said, don't put too much on, if you're frugal in your application it tones down into a nice subtle masculine scent.