Hi ManBarathy
K2 Designer is used to create Views,Forms,Smartobject and Workflows where K2 Studio can be used to create Workflows and Smartobjects and K2 Designer for Visual Studio can be used to create Workflows,Smartobjects and inserting code blocks into workflows, these are the differences between the programs.
I personally like using K2 Designer as it feels more user friendly and gives you a wider variety of things to do execept for adding code to the workflows. I think it depends on a users preference as to which software he wants to use as these thee options are there to give the user a variety of choices.
Al three these programs can talk to one another meaning that if you create a view/form from K2 Designer that you can then use it in K2 Studio and/or in visual studio so the three options of programs are not just user preference but also used to interact with each other giving the user the ability to get all the features offered by K2 designer, Studio and visual studio.
I hope this answered your question to the full extend.
Kind Regards
Raymond