The main difference is about static linking.
> /bin/ User utilities fundamental to both single and multi-user environments. These programs are statically compiled and therefore do not depend on any system libraries to run.
> /sbin/ System programs and administration utilities fundamental to both single and multi-user environments. These programs are statically compiled and therefore do not depend on any system libraries to run.
It was discussed a few month ago: https://news.ycombinator.com/item?id=31336396