Silverlight Runtime (Silverlight CLR) is essentially a mini-mini CLR :).
Microsoft did the work of removing many dependencies to .NET Framework assemblies not part of the Silverlight release
Silverlight CLR is a subset of the
.NET Framework that contains
components and libraries, including
data integration, extensible Windows
controls, networking, base class
libraries, garbage collection, and the
common language runtime (CLR).
Some parts of the .NET Framework for
Silverlight are deployed with your
application. These "Silverlight
Libraries" are assemblies not included
in the Silverlight runtime and are
instead shipped in the Silverlight
SDK. When Silverlight Libraries are
used in your application, they are
packaged up with your application and
downloaded to the browser. These
include new UI controls, XLINQ,
Syndication (RSS/Atom), XML
serialization, and the dynamic
language runtime (DLR).
To read about a detailed comparison, see this link http://codebetter.com/blogs/patricksmacchia/archive/2008/10/01/comparing-silverlight-and-the-net-framework.aspx