Lambda the Ultimate

Is there some important semantic distinction I'm missing - if we only consider _function_ and, thus, perhaps algebraic type _constructor_ definitions - or does this just end up being a simple matter of syntactic convenience or inconvenience (e.g., imagine mutually recursive object "methods" facilitated via different class "forward declaration" - just an example for which some typical Scheme "letrec" or "fix" styled syntax might be challenged).

Any and all sagacious wisdom greatly appreciated. Thanks!

- Scott