Difference between openssh and SSH2 key format?

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I'm trying to understand what is fundamentally different in the public
key formats for openssh and SSH2. They are both BASE64 encoded, yet if
I go through a conversion form one to the other with puttygen, those
for SSH2 have the characteristic AAAA beginning, and they are a little
bit longer than the openssh counterpart.

If they're both BASE64 encoded for the same original public key, why
is the SSH2 version so different in appearance?

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