So...having said all that, let's look at both.
Opalite is sometimes called Opalized "Quartz", Sea Opal, and Opalized Glass. It is a manmade glass that is very pretty but often confused as a gemstone. Some vendors do it on purpose while others just aren't educated. I once had a visitor to my booth at a show looking at an Opalite necklace and commenting on how inexpensive it was. She said that she had bought one recently for several hundred dollars and she just loved her "opal" necklace. I was sorry to inform her that it was a manmade glass rather than a gemstone. She was very disappointed. There's nothing wrong with using Opalite in jewelry but designers need to be fully educated and honest with their customers.

Rainbow Moonstone on the other hand can be supremely beautiful and expensive when found in high quality pieces. It can also be referred to as Ceylon Opal.
"High-quality rainbow moonstone is usually chatoyant and sometimes displays a strong cat's eye. The floating-light phenomenon and sheen of moonstone are called adularescence or schiller."
From the Rings & Things Gemstone Index


It also comes in peach and gray moonstone but I don't like those as much. It's funny that some vendors are calling it "silver" moonstone. I suppose that does sound a bit better than gray.
Resources:
Rings and Things
Me
Mindat
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