What's the difference between "More Everything" and "EDGE"?

I don't understand what's different between my current family plan and the EDGE plan.  I pay ~ $240 for my current plan and the Verizon site seems to be saying that EDGE would be $160.  What would I be giving up if I switch?  Thanks for your help!

EEdge is an interest free payment plan for a new phone. if you purchase a phone on the edge plan you get a 15 or 25( if you have 10gb plan or larger)dollar discount off your$40 line fee On your more everything plan. But you still have the phone payment, which is around $25 For most phones.

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