The :input selector basically selects all form controls(input, textarea, select and button elements) where as input selector selects all the elements by tag name input.
Since radio button is a form element and also it uses input tag so they both can be used to select radio button. However both approaches differ the way they find the elements and thus each have different performance benefits.
textarea, button, and select elements would be matched by the former, but not the latter.
The latter is faster, so use it for your specific radio example. Use :input when you want "all form elements" even if they aren't strictly <input> tags. Even in that case, the recommendation is to use a standard CSS selector first, then use .filter(':input') on that set.
Because :input is a jQuery extension and not part of the CSS
specification, queries using :input cannot take advantage of the
performance boost provided by the native DOM querySelectorAll()
method. To achieve the best performance when using :input to select
elements, first select the elements using a pure CSS selector, then
use .filter(":input").
In the 1.7.2 source, the :input filter tests a regular expression against the nodeName: