The naming of the different Fraxel lasers can be a little confusing. At first there was just one "Fraxel". The laser had a 1550nm wavelength and at one point it was called the SR1500, and now it is called the Fraxel "restore".
Eventually the Fraxel brand came out with new lasers that had a wavelength of 10,600nm. These are fractional CO2 lasers and are more invasive (and more effective for wrinkles, but with more downtime) than the earlier wavelengths. This laser is called the Fraxel "repair".
Both lasers exist because each has a differnent use and appeals to different patients (depending on the downtime you are willing to have).
To answer your second question, the Fraxel SR1500 is effective for the treatment of old acne scars, however it does not "remove" scars. Some scars dramatically improve others do not improve at all, it depends on the type of scar and other factors. Having said that, the SR1500 (and its newer name the Fraxel restore) are considered by most to be the gold standard for the treatment of acne scars.