In most projects I've been involved in, the architect position pays more. The jobs are usually only divided on larger projects. The architect generally creates the documents, uml/visio diagrams, wireframes, etc. that get talked about in meetings and get signed off on. Usually the architect creates the object model, and sometimes creates stubs for classes, and the general (basic) database diagrams also. The engineer might finish the architect's documentation, and do more technically detailed documentation, but also actually does the development.
Dependent on the project, the architect might also take part in the development, and keep in control of changes to the software and database architecture during the development process. Sometimes the architect is out of the picture after development starts in earnest, and almost always by go-live. It is the engineers that are responsible for the rest of the product lifecycle.
On smaller projects the developer/engineer is also the architect, but usually doesn't have to go through the same type of rigorous design and approval process.
Dependent on the project, the architect might also take part in the development, and keep in control of changes to the software and database architecture during the development process. Sometimes the architect is out of the picture after development starts in earnest, and almost always by go-live. It is the engineers that are responsible for the rest of the product lifecycle.
On smaller projects the developer/engineer is also the architect, but usually doesn't have to go through the same type of rigorous design and approval process.