LY7W is "silver metallic" or sometimes referred to as "light silver" or even "light silver metallic" This is the colour of my car.
LX7W is "ice silver". This is a newer colour than LY7W I think. 2008/2009 onwards???... but don't quote me on that.
As for you question "is there much difference".... they are different colours so I would guess there would be enough of a difference if you are planning on matching say a bumper in ice silver to a car that is light silver.
It's hard enough matching the same silvers when they are on different parts.
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