Both databases are protein databases containing large amount of data on protein domains & families displayed in the form of HMM, multiple sequence alignments, patterns, etc..
Is it possible that there is a huge overlap between the data found in the two databases ? and which one of the two has more coverage of data?
2 answers
In short Pfam produces global alignments via HMMs wheras "classic" PROSITE was built on regular expressions derived from generaly shorter aligned sections. This means Pfam will recognise homologues from an extended enzyme family but by checking the active site motif via the local residue pattern PROSITE can indicate which are likely to be active, or could be "dead" if they do not not match the regular expression.
As said above InterPro is the best source of further information
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Pfam has better coverage.