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MAF is Mass AirFlow - a fuel system that measures the actual quantity of air moving thru the engine to calculate (among MANY other things) the quantity of fuel to inject.
"Speed/density" measures the air pressure (MAP - Manifold Absolute Pressure) and engine RPM to guess the amount of air and then look up a preset fuel rate.
Of course, I'm simplifying, but that's the basic difference. Each has pros & cons, and each has staunch supporters. Both can be made to perform, and both are reliable. MAF wasn't used on F-Series/Broncos until the '94 CA models, but became standard in '96.