not quite, sirs. The distinction goes back to the days of separate courts of law and courts of equity.
Statute of limitations is a "legal" doctrine. The statue will set a very specific time period, after which the claim is barred. (As a practical matter, the only arguable issue is the precise date on which that time period begins to run.)
Laches is an equitable doctrine. There is no fixed time period; it will depend on the circumstances. (e.g., does any prejudice result from the lapse of time?) However, (and this is the big point), a successful defense of laches bars only equitable relief, such as an order that the defendant take, or refrain from, specific action. It does not bar a claim for monetary damages.
For example, if my neighbor establishes a laches defense to my claim that he has built his home over the lot-line (encroaching onto my land), then the court will not order him to remove the home -- but may still award me damages for the encroachment committed.
and dr. bill, I doubt you would think of this as a "nasty" result. The right-of-way point you mention (which can arise even with no prejudice-from delay), is a subset of "statute foof limitations", called adverse possession -- but it typically requires a 40-year period of uncontested, continuous use, open and notorious to the world.
