Depends upon how extensive you want to edit the image. For advanced users Curves does a few more things. Check out this link http://www.photoshopessentials.com/photo-editing/levels-curves/
Hope this helps.
Yes, a lot. As Curt posted the link showing what each adjustment does, with curves, you can add multiple control points for adjustment. with levels, you're limited to 3. you can also invert the curves, which you can't do with levels. This is handy for a variety of reasons, one being replacing colors - mainly used in L*A*B* color space.
The question was about Levels, not Curves
How do you 'invert' it by the way?
You're right, I didn't read your question right, so my answer is no. Everything you can do in levels, you can do in curves.
To invert a curve, you just grab the end points of the curve and move them to them so that the cuve line is sloping the other direction. Here are some samples of inverting each of the channels in L*A*B*
Top left: normal; Top right A channel (green-magenta); bottom: left B channel (yellow-blue); and bottom right: lightness.