Though, as jozefg said, they are themselves equivalent, they may lead to different execution behaviour when combined with local variable bindings. Consider
f, f' :: Int -> Int -> Int
with the two definitions
f a x = μ*x
where μ = sum [1..a]
and
f' a = \x -> μ*x
where μ = sum [1..a]
These sure look equivalent, and certainly will always yield the same results.
GHCi, version 7.6.2: http://www.haskell.org/ghc/ :? for help
...
[1 of 1] Compiling Main ( def0.hs, interpreted )
Ok, modules loaded: Main.
*Main> sum $ map (f 10000) [1..10000]
2500500025000000
*Main> sum $ map (f' 10000) [1..10000]
2500500025000000
However, if you try this yourself, you'll notice that with f takes quite a lot of time whereas with f' you get the result immediately. The reason is that f' is written in a form that prompts GHC to compile it so that actually f' 10000 is evaluated before starting to map it over the list. In that step, the value μ is calculated and stored in the closure of (f' 10000). On the other hand, f is treated simply as "one function of two variables"; (f 10000) is merely stored as a closure containing the parameter 10000 and μ is not calculated at all at first. Only when map applies (f 10000) to each element in the list, the whole sum [1..a] is calculated, which takes some time for each element in [1..10000]. With f', this was not necessary because μ was pre-calculated.
In principle, common-subexpression elimination is an optimisation that GHC is able to do itself, so you might at times get good performance even with a definition like f. But you can't really count on it.