These look almost the same, but they are different constructs. \hinline{where} is bound to the pattern matching \hinline{f x =} and may also have access to parts of a function that are not syntactically expressions, e.g.:
While that is not possible with \hinline{let}, which is an actual expression and can be used whenever expressions are allowed (e.g. inside \emph{Monads}, we'll know more about these in a few weeks).