Yes. RIs offer more substantial rooms and services, with a correspondingly higher rate. I have found RIs and Homewood Suites to be roughly comparable.

TPS properties are considerably less expensive, with a corresponding reduction in amenities and services (think "dorm room"). However, for long-term stays, I heartily recommend them to the value-conscious traveler.

As Felis correctly observed, you are on your own for breakfast. However, you will receive a full kitchenette (my room has an honest-to-goodness stove with oven), so you can easily visit a supermarket and then fend for yourself.

Croissants with jam, anyone?