The difference lies in just a small bunch of different default values, and a bunch of features that have not been refined yet. But the thing is that while these differences won't make images of inexperienced people (or people with bad taste) look better, it will help those, that are experienced good artists, just do not invest much time into digging into technical stuff and browsing forums to find hidden tips and tricks.
Honestly, I think that when it comes to achieving ultimate photorealism... every single effect that puts together a real photograph is equally as important. Historical progress of rendering development has led us to a false impression that there is order of importance when it comes to how much shading and lighting effects impact resulting photorealism of an image.
For example we think that true area lights instead of sharp point lights with shadows are more important than having GI, that having diffuse GI is more important than having caustics, that proper raytraced glossy reflections are more important than correct fresnel reflection falloff, etc...
So then we tend to think, that for example disabling casting shadows on a random small object in our scene will be a disaster, where as having a missing glare star on a directly visible sun disc is just a minor thing. Or that if we do not make some material to be correctly reflective, it will draw attention a lot more than a missing caustic.
Or when you have only 2 bounce Global illumination, it often doesn't matter anyway, because many people usually abuse the hell out of a contrast button in post process phase anyway, so they will make even 25bounce GI like 1 bounce after the adjustment, where as if you miss a glow around overexposed window, your eye will pick up on that more likely.
Well, I think that human eye will pick up all these missing things equally, that sharp caustics are as important part of the light light transport as basic shadows, and that glares and glints are equally as important as materials having reflections and so on. Only when you have all of the puzzle pieces at your disposal can you put together entire picture, and more of the pieces you have, the closer to the entire picture you are.
I bet you that if you take any scene, and do a version A, where you will do really poor rushed job on shading and lighting, but then do a great job on post processing and secondary optical effects (glow, glare, vignette, aberration) and then do version B, where you spend a bit more time getting shading and lighting right, but won't do any post processing work at all, if you look at both images side by side without spending too much time staring at them, you won't really think one looks significantly closer to photo than the other one. They will both have something about them, but none of them will convince you even for a second it's a photograph

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