Very good question. "Look" is a fascinating word because it seems so backwards. If I say she has "good looks", it is I who looks, not she, and yet she is the one who "has" the looks. So, when you say she "has looks", it means that other people are looking AT her. Saying that she is "good looking" does not just say that she is pretty. It says her appearance draws eyes towards herself like a magnet. That, to me, is the difference. "Appearance" is her physical aspect. You have an appearance whether or not anyone sees you. "Looks" are the power your appearance possesses to draw eyes ("looks") in your direction.