Luwe,
The more expensive one is the new updated model. The gen of this is part of the 2011 TAG Link range which features, amongst other things, a redesigned 2-part bezel (very subtly different to the previous model's traditional circular tachy bezel), a vertically streaked/textured dial, and most noticeably a reworked bracelet with flatter, squarer S-links. If you look closer you will also notice that the subdials overlap in the more expensive model - this is accurate to gen.
I've no information on the rep of the more expensive (newer) model, but initial inspection of the QC photos posted by various TDs indicate that it is quite accurate to the gen. There is some speculation that the crown and chrono pushers are incorrectly sized, but without a watch in hand and/or other reviews on the forums it is hard to tell. In my most humble opinion, these size differences (if they do exist) would not be noticeable on the wrist.
The cheaper rep, on the other hand, has been thoroughly reviewed and categorised as a "super-rep". By all accounts, it is a near-perfect replica with the only "tell" being an undersized date window.
Which one to get? Completely up to you, my friend! They both look great and the replication of the distinctive Link bracelet is fantastic. I won't stop you from getting the new (more expensive) one.... would love to see a review of what looks like a cracker of a rep *hint, hint*!!
Oh and also, the applied TAG logo on the new model rep looks to have correct arrows on both ends of the 'G' - a first for applied TAG logos if I'm not mistaken.
I hate to contradict a fellow forum member, but contrary to what was written, the more expensive model is date only, the older model has the day-date function.