I would like to add a little to the answer given by Mohamed. Your first configuration which uses the physical interface is inherently a multipoint Frame Relay connection - even if there is only a single PVC it will be treated as multipoint. Your second configuration is explicitly a point to point Frame Relay interface. Which one you should use will depend on some aspects of the design of your network. If the design is for multipoint then the first configuration is what to use and if the design is for point to point then the second configuration is the one to use.
Beyond the fact that there might be several PVCs or only a single PVC there are some differences in how the two configurations will work. In a multipoint interface there will be some Frame Relay mapping which may be manually configured or the IOS can dynamically discover it. In multipoint all the interface addresses on all the routers on the PVCs will be in a single subnet. In point to point each PVC will be a unique subnet.
The operation of routing protocols may be a bit different depending on whether the interface is multipoint or point to point. OSPF establishes neighbor relationships differently depending on whether it is multipoint or point to point. EIGRP enforces split horizon on multipoint which is not a factor in point to point.
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