Both versions have pause and play. The difference is that there are fewer orders you can give on the console versions while paused (more specifically, movement commands must be given in real time). I have compiled a list of differences:
1) The PC version will have a toolset and be capable of downloading user-made content (either mods to the original game a-la the Baldur's Gate series or standalone adventures a-la Neverwinter Nights). The console versions will not have either of these, although there is some possibility of the better player made mods being packaged as DLC at a later date (Bioware has said that they're trying to make this happen).
2a) On the PC version, the interface is some combination of Baldur's Gate, Knights of the Old Republic (KotOR) and Neverwinter Nights with the player choosing which one is dominant. That is, you can control movement via either point-and-click or WASD and you can use as many quick slots as can fit on your screen (the bar is extendable). On the consoles, movement is KotOR-style only which means that while you can issue ability usage and attack commands to multiple characters at once, you can only control the movement of one character at a time. This makes using positioning in battle a royal pain in the neck -- it wasn't necessary in KotOR, but I have a feeling that won't be the case here...
2b) On the PC, you have the choice of a Baldur's Gate style overhead view ("tactical zoom") or a KotOR-style third person view and can switch between them at any time. On the consoles, you only get the KotOR-style view (though you can still move the camera a bit). This is because of memory constraints on the consoles (they only have 512MB combined between the CPU and GPU).
3) Because of the same memory constraints, the console versions cannot have as many creatures on the screen at once. They said that they are working around this by sometimes making what is one large battle on the PC happen in waves on the consoles and sometimes substituting a smaller number of slightly tougher enemies for large hordes.
4) The console versions are more like an action game than the PC one. They have not specified all of the changes to the rules that make this happen, but, for example, the PC version has friendly fire on lower difficulties (though it only does 50% damage) while the console ones do not.
5) The PC version is cheaper.
