Both of these models are very similar.  Same warranty: One year.  Probably the biggest difference is the color: The Sears vacuum is red and the Eureka is blue.  Both will serve your cleaning needs and desires equally as well.  Here is a web site for the Sears model that includes a product review for the Sears Grab N Go.
 
http://www.sears.com/sr/javasr/product.do?BV_SessionID=@@@@1820501290.1165668092@@@@&BV_EngineID=ccjgaddjigkjfkgcefecemldffidfjg.0&pid=02035820000&cat=Vacuum+Cleaners+%26+Floor+Care&subcat=Upright+Vacuums&vertical=APPL&ihtoken=1
 
Here is a website for the Eureka 4880.
 
http://www.eureka.com/products/upright/4880b/4880b.jsp
 
Both have an MSRP of about $149.  SEARS is currently offering rebates on appliances including vacuum cleaners.  The rebate details and form are on the SEARS website.
 
Both models have turbo tools for furniture and stairs which are designed for pet hair pick up.  The Eureka has a 30 foot cord vice a 26 foot for the SEARS and the Eureka is several pounds heavier.
 
I suggest you/the primary user of the vacuum try both brands and decide which he/she likes the best.  
 
Carmine D.

If it was a choice between Eureka or Kenmore in general, I would say get the Kenmore.  But, between these two machines definitely get the Eureka.  It is a quiet and powerful machine.  Very easy to use.  I personally think it looks better too.  I don't have any experience with that Eureka model itself, just the bagged cousin.  Basically same machine though.  It's a little heavy, but I think the power and quietness make up for it.  Has a solid feel for a plastic machine.  The thing that some people complain about with these machines is that the hose and attachents sometimes fall loose.  The upholstery tool is hard to keep seated and the hose often falls off the wrap after it's been used a bit.  Let us know what you decide and what you think of it.