The main difference is how much of the original donor spring you use.
That, and a 1/4 elliptical has the pack attached in front of the axle, with the single attached to the axle, whereas a 3/4 has an entire standard spring-setup, except the rear eyelet of the spring, instead of being attached to a shackle, is attached to the eyelet of another 1/4 pack, that then runs and attaches almost directly above the tire...
Also look into buggy-springs (full elliptical)
Here's some nice little tech-talk from another board I'm on about the differences in elliptical spring setups.
http://www.pavementsucks.com/forums/viewtopic.php?topic=23880&forum=16&highlight=buggy+springAs for the original topic, 1/4 elliptical is EXTREMELY streetable, it is a standard 4-link setup, nothing weight about it, just using leaves instead of coils, and YES, leafs have their advantages over coils.
I would never run a 1/4-elliptical front though, just becuse the geometrics of how it works wouldn't be too great for a front-end.