What are the features which identify the successful practical project manager and the theoretical project manager?

The one who has the daring attitude and shows the confidence; taking timely decisions and a good administrator; he will be able to get things moving along in the project; eventually becoming a successful PM

If one goes ahead and follow by their own inhibitions and fears; you will see a less successful PM 

The theoretical project manager assumes that activities and schedules are most likely to remain fixed all through the project life span, while the practical project manager understands that activities and schedules are subject to changes and is skilled in managing changes that occur during project execution. This brings to bear a lot of stakeholder management skills.

No doubt the PMI has made stakeholder management and independent topic in the new PMBOK5

When there are conflicts or deviations between drawings and actual site installations,

The practical project manager is quick to understand  the situation and uses suitable adjustments which will have minimal impact to time schedule and oftentimes might not necessitate time extension.

Whilst

The  theoretical project manager finds difficulty to cope with the situation and he needs longer time to analyze carefully the possible effects of these adjustments and modifications to other parts and aspects of the project.

When there are changes instructed by the Client,

The practical project manager  knows how to use practical ways & means to minimize demolition works  & reduce wastages and to lessen the effect  of such changes to the aspects of the project.

Whilst

The  theoretical project manager  takes longer time to decide how to implement the changes  as he is too careful  to analyze the possible adverse effects to the structure  and to the aspects of the project  caused  by the changes.

With the above two  (2)  examples,  the advantages of the approach being used by practical project manager is :  minimal delay  of works  or delay is lessened,  whilst the disadvantages  of the approach being used by  theoritical project manager is :  more delays of works  are incurred  or longer  delays.