I'd always thought they were the same thing. But recently found out the Semi-Dedicated is just essentially shared hosting on but shared among 10-20 users instead of the usual 100+. A VPS on the other hand only has about 8-16 people on, and each (virtual) server is separate from any others and usually has full root control and separate IP's. In my opinion, going to a VPS has been the best move I've ever made, but make sure that you know lots about *nix system administration before you go ahead with it .
I think VPS is very similar to dedicated server but with limited CPU and RAM, you can install anything you wish on it that comes with managed option (means the provider help you in the installations of everything and secure your vps for you), and unmanaged (you are on your own except hardware and network issues).
Semi-dedicated similar to shared but with high powers and less users in the same server, I think it always come managed.
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