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The differences lies in the mechanism used to calculate and store the value. Dynamic members such as parent accounts or customs, derived views, parent periods, or <Total> members in the value dimension are performed on the fly in the HFM app server's memory without any discrete action on the user or adminisrator's part. These are aggregations in this context, and are distinct from amounts that are calculated and then stored in the HFM database which are either the result of direct data entry (from data loads or journals) or calculated amounts resulting from HFM's rules. "Consolidation" in your question would be one of the stored, calculated amounts in HFM.
Aggregation would just add up all the values in the child members and show the sum in the Parent.
Consolidation would add up the values from child members and at the same time, it will eliminate InterCompany transactions and other values that need to be eliminated, and then roll up the values to the parent.
Planning and Essbase are good at Aggregation, while HFM does translations. That's what these tools are built to do.