There's no extra table created, only a modification to the usergroup table to add an extra field which contains the custom usergroup title if you want to use one.
The two hacks are different. This one is set by the admin and sets a custom usergroup title based on what usergroup the user is in. This is usefull if you want every member of that usergroup to have the same custom title and yet still keep the original user title based on post count.
The other hack referenced adds an additional profile field that allows the USER to set their own custom title in addition to their title based on post count.
If you want to allow the users to set their own custom titles or if you want to use the admin to set a custom title for individual users, then the other hack is probably what you want. If you want to set a custom title for all users within a specific usergroup and not override their user title, then this is the hack to use.
Basically, two differing ways of doing the same thing, just depends on what you're trying to do and how you want to control it.
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