The ARM LPC2119 and the 8051 microcontrollers differ significantly in architecture and capabilities. The 8051 utilizes Harvard architecture with an 8-bit design and CISC instruction set, while the ARM LPC2119 features Von Neumann architecture with 16/32-bit design and RISC instruction set, allowing for faster instruction execution. Additionally, the ARM LPC2119 supports a wider range of communication protocols and memory types compared to the more limited 8051 system.