A limited point of view means you only know the thoughts of one character. An example is: Mr.Kirk looked at Joey strangely. Joey thought that Mr. Kirk was a creep. Here you only know Joey's thoughts.
Omniscient means you know everyones different thoughts. Here is an example using the same people: Mr.Kirk stared at Joey strangely, feeling like he recognized him. Joey just thought Mr.Kirk was a creep. Here you know both characters thoughts.
Limited can let you know more about one person while omniscient lets you see other sides of the story.
