The PPA package is updated to the most recent version (in the upstream stable line) potentially every day (not every day in practice, because the stable line doesn't update every day).
The package in the universe repository is only updated if there's a security issue. Unlike most pacakges, the security updates to the Chromium package bring in fairly recent versions of Chromium, presumably because backporting the security fixes is hard. Still, the universe repository is updated a lot less often, so the PPA gives you a more up-do-date system at the cost of making frequent downloads and system changes (it's less stable, in Debian terms).