thermostat is a mechanical part that opens and closes depending on temperature of coolant etc. common symptoms are that your car wownt hit 90 unless stationary, and will drop again once you start moving.
temp sender /temp sensor is an electrical part that measures the temperature. common symptoms are again car wownt hit 90, however temp sender is normally more eratic i.e one min you can be driving and it wownt hit 80 the next minuite it will be reading 120 etc.
both will reduce your mpg as the car will over fuel slightly.
temp senders have a tendancy to make your idle fluctuate on start up (however my t/stat did this).
i have heard in the past of peoples cars not turning over streight away, then once temp sender is replaced its fine so temp senders can have this symptom though not always.
i believe temp senders will bring up a fault code in some cases.
t/stat will not as it is not a electronic part.
IMO best place for sensors and thermostats is VW, then you know you are getting good build quality.
people however have used ecp and the likes for sensors and thermostats and got away with it, however others have not been so lucky and have been replacing them again a few days later.
locations are as follows.
thermostat - located at the front of the engine, left hand side (as your looking at the engine), around half way down, there is a pipe coming out of the engine, this is the thermostat housing, the thermostat is in there.
temp sender - located at the front of the engine, at the top, right hand side of the block as your looking at the engine