The biggest difference with the output clippers is the opamp can also clip. That is usually harder clipping than the diode clipping. You will find people are more fussy about the choice of opamp for the output clippers (eg RAT, MXR distortion+, DOD Overdrive). In the feedback case the diodes provide the clipping and generally the opamp doesn't clip.
THIS.
The typical gain expected of op-amps used in clipping circuits, coupled with the typical input signal level and supply voltage, typical exceeds the headroom of the chip.
Consider:
1) An op-amp will normally be able to swing within a volt to a volt and a half of "the rails". So, a 9V-powered chip can swing from the 4.5V floating ground, down to 1.5 and up to 7.5V. That gives us maximum voltage swing of +/-3V before the chip itself clips.
2) It is rare to find "harmonic enhancement" circuits that aim for anything less than a gain of 80x, and many exceed 200-400x.
3) The average guitar pickup will output something like 250mv or more when you give a full strum to all 6 strings, and some pickups will give even more; especially if heavier gauge strings are in use.
So, how many times can you "fit" +/-250mv into +/-3V? Not many, and certainly not 100x. So, it the diodes come after the output of the op-amp, they are likely to be receiving a "pre-clipped" signal.
But how wide is the signal allowed to swing when the diodes are placed in the feedback loop of the op-amp? Well, anything above the forward voltage of the diodes simply doesn't happen. A pair of silicon diodes will set that ceiling and floor at roughly +/-600mv. Many drive pedals that aim for "transparency" may use a 2+2 or even 3+3 complement of diodes in that location, but even those still won't allow for the amplified signal to exceed the allowable voltage swing of the chip.
My own contention is that, as Rob implied, a diode is a diode is a diode, but so-called "hard clippers" are in reality often *double-clippers*. The first clip arises from exceeding the voltage swing of the chip, and the second from diode-clipping of the output.
One of the corollaries of this is that where one would expect the resulting harmonic content of a "hard" clipper to change with increases to supply voltage, one would NOT expect to hear much, if any difference, in soft clippers, when supply voltage is increased. If the signal stayed well below the maximum swing with a 9V supply, it will stay safely below with 12, 15, or 18V as well, because of the fixed ceiling the feedback diodes create.
Now, would the "double-clipping" of both op-amp itself, and diodes, create a somewhat "harsher" tone? Sure. But that is ultimately a result of design and gain staging. For instance, imagine we had a series of op-amp stages, each with a pair of diodes to ground on their output, but none of the stages ever challenging the voltage swing and headroom of the op-amp itself. The harmonic content would accumulate, because staying above the forward voltage of diodes while below the voltage swing of op-amps is easy to do. But it would not be "hard" clipping. What we call hard-clipping is generally the result of asking one single op-amp stage to provide all the gain, and lots of it.