Of course..I've had both! Unmanged means just what it says..you are responsible for installs..unpating installs..running update..etc.etc. Of course it's very different from a dedicated server..tons more to do with a dedicated server.
harden kernels..update kernels..and much more to do.
managed differs greatly from host to host..so the best bet is to ask:
1) What am I expected to do
2) What are you going to do
The level of managed is the key..how much are you still expected to do yourself.
Bryon L Harvey
Soil Relocation Engineer