Is there any difference between '?:' and an if statement in objective c?

Is there a difference between using the '?:' conditional and the simple 'if-then-else' statement? Is it simply another way to do it, or does it actually use less space/take less time to read than 'if' statements?

Example:

If statement:

if (item1.isEqualToString:@"2") //If statement
    [self doSomething];
else
    [self doSomethingElse];

item1.isEqualToString:@"2" ? [self doSomething] : [self doSomethingElse]; //'?:' statement