Disabled means that no data from that form element will be submitted when the form is submitted. Read-only means any data from within the element will be submitted, but it cannot be changed by the user.
For example:
<input type="text" name="yourname" value="Bob" readonly="readonly" />
This will submit the value "Bob" for the element "yourname".
<input type="text" name="yourname" value="Bob" disabled="disabled" />
This will submit nothing for the element "yourname".