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Herish SurendranHerish Surendran 

Lightning Messaging service and Lightning Events sounds kind of similar to me. Can anyone explain what is the difference between and what they are ?

Sounds a little like Aura Application Events but for all UI technologies?
Yes, similar to Aura Application Events, communication happens between components regardless of where they are in the DOM. However, Lightning Message Service takes that communication a step further. LMS is important to the grander Lightning ecosystem for two main reasons:
As Lightning Web Components gain wider adoption, LMS positions itself as the standard publish-subscribe library in the UI, enabling components in any part of the DOM to communicate.
LMS provides a standard means for Lightning Web Components to communicate with Aura Components. The fact that it speaks to Visualforce is a MAJOR plus.

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