I do not have too much experience with Settlement Room. But I do know a few differences.

Archiving - With Settlement Room, you will receive an email attachment of the transaction. With Relay and TP, you can receive a customized CD to give to all parties. It can be labeled with address of the property.

Integration - I do know that RELAY and TP can be integrated with Winforms and ZipForms.

You can also do mail merge with TP using Word.
You can also fax from RELAY and TP without having to use a fax machine.

I hope that helps.

My clients prefer Transaction Point once they see all of the benefits.