The newer upright model has a different type of wand (telescopic) and larger internal tubing (from what I could tell). It also looks to have slightly less suction power. I would imagine this is because of the larger tubing flowing more air at a lower speed.

I could not justify the expense and didn't see a big difference so I bought the older model and am happy with it. However it did seem to not like pine needles. Around Christmas time pine needles from the Christmas tree seem to get stuck in it constantly. I imagine that's where the bigger tubing would have helped. However it is easy to take apart if it plugs up.