how is it different from the jQ module ?

A few reasons:

1. - Supplies notifications on the status page of unavailable plugins
2. - 'Installs' - Downloads the necessary files required
3. - JQ has many modules that are simply wrappers and add the plugin and nothing more. With this module the plugins will be communal as your module will not have the need to be packaged with the actual jQuery plugin file(s)
4. - Overall I think this is a much stronger/cleaner implementation of a similar idea, and has the potential to provide D7 core plugin management

Alpha release is now available to play around with.