I like the target date retirement funds as a set-and-forget for my retirement funds (though I have some REIT in my retirement too), and I'll focus more of my time and energy into my early retirement funds. If that works for you, then good. Or if you want more control and less expenses as matchewed suggests, that's good too. Yes, target date retirement funds are a bit more expensive, but if you choose vanguard, it's still going to be much lower than anywhere else, and to me, the extra .05% was worth it to me, to just never have to think or worry about.
However, to answer your original question, the main difference between the 2050, 2055, 2060, and etc., is what year it starts selling the stocks, and moving to bonds. I.e. the earlier the year arrives, the earlier the fund becomes conservative. So no, you won't be missing out on a certain fund or stock in one TDR fund, as opposed to the other. In fact, if you look at the holdings, they are the same index funds. The only thing that changes, is the asset allocation, depending on the year.
FYI, a common misconception is that you can't touch the money until that date. Not true. Once you can legally touch the money, because you've reached retirement age, you can touch it, no matter what date the fund says. Just wanted to make sure that was said.
So what I did was choose one year for my wife, and the next option back for me. This way hers will start becoming more conservative 5 years before mine does. You could even choose more of a difference if you wanted. I just figure this way, one of ours will be staying more risky for 5 years longer. So if the market crashes 10 years before we reach retirement age. I figure we'll get a slight advantage, because one fund will not have lost as much value, and the other will be able to ride the recovery a bit longer. But you never know, we could be screwed by that, because you never know when the crashes are coming, and depending on timing, we may have ended up with more or less money if we had set both of our dates back, or forward. But I figured a staggered approach made the most sense, as you'll never be able to tell the future.