The main difference between these types of fiction is in their mass appeal and accessibility. Literary fiction tends to be very symbolic, thick, poetic, and focus more on themes, the actual writing itself, and on making points about human behavior, life and living. It is sometimes, as a result, harder to understand, and maybe even not very entertaining. It is written more for the beauty of language and how language can uniquely express the human condition. The main purpose of literary fiction is not to entertain, but to descriptively present human experiences and make points about them.
Commercial fiction, on the other hand, is out to entertain the masses. Its main purpose is to be enjoyable. It usually has fast-paced plots, lots of action, suspense, romance or intrigue, and characters that serve to drive that plot forward. The point is the plot, the excitement, and in getting readers hooked and turning pages. It is all about entertaining as many people as possible. Usually, it is written in simpler, easier-to-understand prose, and keeps the symbolism and profundity to a minimum.
To envision the difference, compare two different types of movies--summer blockbusters vs. independent films. Blockbusters are out to entertain, bring in the big bucks, and usually are pretty shallow and mindless. Indie films, on the other hand, are often abstract and artsy, slow-moving, and out to provoke thought. These comparisons apply to literary vs. commercial fiction also.
I hope that those thoughts helped; good luck!
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