As far as I know the chips inside the keys are the same but with the different frequency. Thew difference between the master key and the spare (valet) key is that the valet key can't open the glove box, trunk or rear seats lock.
From the owners manual:
Quote:
NISSAN VEHICLE IMMOBILIZER SYSTEM (NVIS) KEYS
You can only drive your vehicle using the master or valet keys which are registered to
the Nissan Vehicle Immobilizer System components in your vehicle. These keys have a transponder chip in the key head.
The master key can be used for all the locks.
The valet key cannot be used for the trunk lid glove box lock or rear seatback lock.
To protect belongings when you leave a key with someone, give them the valet key only.
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