What is the difference between Cross Mount Points and ALL LOCAL DRIVES?

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ALL_LOCAL_DRIVES can do the same as / and Cross Mount Points as long as Allow Multiple Data Streams is turned off, both will backup all the file systems using a single stream. If you use Allow Multiple Data Streams then ALL_LOCAL_DRIVES will spawn a stream per file system of disk on NT.

so let me try and put this in a matrix

Single Stream

ALL_LOCAL_DRIVES no Allow Multiple Data Streams

/ + Cross Mount Points Allow Multiple Data Streams doesn't matter

Multiple Streams

ALL_LOCAL_DRIVES With Allow Multiple Data Streams. It should be noted that ALL_LOCAL_DRIVES also works for UNIX(or at least Solaris) clients as well.