node() matches elements, text nodes, processing instructions and comments. So node() is the same as doing *|text()|processing-instruction()|comment()
* just matches elements
@* matches attributes
So, if you had the following XML
<Root Attribute="1">
Text Node
<Element>Text</Element>
</Root>
Then, assuming you were positioned on the Root node, if you did <xsl:apply-templates select="@*|node()" /> then it would select Attribute, Text Node and Element. But <xsl:apply-templates select="@*|*" /> would select only Attribute and Element.