First off, there are more academic programs to apply to, so they are talked about more b/c there are more of them. Also, I think it is safe to say that most (at least all the residents at community programs i know, which is a lot) residents at community programs are not there because they dropped so low on their rank lists that they did not get into a academic program. People have differing tastes/desires and most people that are at community programs are there because they want to be, not because they could not cut it at a university.
So your remaining question is , "is there are real difference?". Of course there are. What your question should be is, do they matter when considered as a whole. It depends on who you ask.
I think it becomes difficult to group them into "academic" vs "community" b/c within each group there is tremendous variety. Are each and every academic training program the same? Of course not, so you cant really lump them into one sum. Same goes for community programs. There are a variety of models. Some have university affiliations but the majority of staff are private. Others have no university but functionally are a academic program. Carolinas Med Center is a good example. They pump out a ton of research and have big name staff is several subspecialties. The outgoing chairman of the AOA, the current president of the OTA and the president of the AO foundation are all staff at CMC, but they are a private program with no school affiliated with them. Would you not consider them "academic"?
There is also the belief that you cannot get as good a fellowship out of a community program. I also dont believe that to be the case. We have had people do great fellowships like hand@mayo, spine@case, trauma@Carolinas X2, Foot@UWash, Foot@baltimore, joints@harvard, shoulder@columbia
the vast majority of residents enter private practice, regardless of type of training program and it is possible to go either route from either type of program.
If you insist on grossly generalizing, academic programs focus more on research, tend to have a more comprehensive diadactic schedule, and have lower operative case totals than community programs. Community programs are considered less "malignant" (I hate that term), operate a lot early, are often in smaller cities, and often have smaller numbers of residents/year
I think the better info to seek out is info on the individual programs themselves, as there are great, good, ok, and "I hope I dont drop that low on my rank list" types of places in the academic and community pool alike.