Disable stops the app running, removes it from app drawer and desktop, but does not remove the app or delete its data, and can be completely reversed by re-enabling. Deleting the app, well, deletes it.
Note that pre-installed apps live in the system partition, while user apps and app data live in /data. So deleting a system app doesn't give you more space (though clearing it's data might). So for most purposes disabling pre-installed apps is sufficient.