The only real difference is lack of color, but this can have a bit impact on the image depending on what it is. If you are shooting for b&w, you need to learn to ignore color in the composition and see the scene as areas of light and dark. I think it does require a better understanding of light, because you don't have color to fall back on to give it pop. But aside from that, you still need the basics of composition that make up a good image.
In the above image, I dont think color or b&w would be the defining factor. There are some cool elements, and I see why it drew your eye, but it isn't that strong in it's composition. It's not a bad photo, but I think that's the source of your frustration.