The LACP you get with vCenter 5.5 and VDS has better IP hash's or more of them so it allows you to do better load balacncing. It also creates a dynamic LACP connection like it would if you where going from switch to switch as one side will be active, while the other side is passive.
The LAG with IP hash without vCenter will essentially do round robin. When a communication is started it will pick 1 path our of the LAG group and use that path exclusively based on the IP hash. Where this can slightly benifit you instead of using Orig Port ID without any LAG is with Orig Port ID it does round robin without any knowledge of weather a connection is saturated. Meaning if you where using 1GB connections instead and say you had 2, it would just round robin between the two. However lets say out of your 10VM's by chance of the round robin all 5 of the heavy NIC requirement VM's landed on vmnic0, instead of vmnic1. You could have network issues. With the LAG the IP hash would eliminate this slightly for you, which is waht I ment by it can sometime benifit on large VM's that have large NIC requirements. Snce you are using 10GB nic's I don't think you have much to worry about.
With 10GB nics a LAG with IP hash would just probably add a slightly quickly failover to the other nic then Orig ID as its unlikely your VM will saturate a 10GB nic, but if your VM is doing that then you could look into setting up the LAG. Otherwise its usally not worth the hassle and just stick with Orig ID.
If you have any other questions please let us know,
Hope this has helped
