There are 3 different levels to consider:
1. Mathematical semantics: Both arrows mean "implies" or "from $A$ follows $B$". If you'd use the symbols with paper+pencil or blackboard+chalk, they are merely indistinguishable, because noone would start measuring their length/height ratio.
2. Typography: Here is the main difference. The short $\Rightarrow$ fits better with inline text, wheras the longer $\implies$ goes better with separated formula and additional spacings like $$\text{it's raining} \quad\implies\quad \text{the streets are getting wet}$$
There are actually 3 variants of this arrow:
- $x\Rightarrow y\qquad$
x\Rightarrow y
- $x\Longrightarrow y\qquad$
y\Longrightarrow y
- $x\implies y\qquad$
x\implies y
As you can see, \Longrightarrow
has less spacing around it than \implies
.
3. Semantics of the LaTeX source: Glyphs named \implies
or \iff
can add semantics to the source code. However, source semantics is far from being perfect, so that this point is only mentioned for completeness.