What is the difference between `new Object()` and object literal notation?

Question

What is the difference between this constructor-based syntax for creating an object:

person = new Object()

...and this literal syntax:

Answer 1

2019 Update

I ran the same code as @rjloura on my OSX High Sierra 10.13.6 node version 10.13.0 and these are the results

console.log('Testing Array:');
console.time('using[]');
for(var i=0; i<200000000; i++){var arr = []};
console.timeEnd('using[]');

console.time('using new');
for(var i=0; i<200000000; i++){var arr = new Array};
console.timeEnd('using new');

console.log('Testing Object:');

console.time('using{}');
for(var i=0; i<200000000; i++){var obj = {}};
console.timeEnd('using{}');

console.time('using new');
for(var i=0; i<200000000; i++){var obj = new Object};
console.timeEnd('using new');


Testing Array:
using[]: 117.613ms
using new: 117.168ms
Testing Object:
using{}: 117.205ms
using new: 118.644ms