I'm guessing you mean the difference between 2002-2003 models. I love the character of the older P38 model, but the newer '03+ models are pretty remarkable. You're right on with the facts that you said about the two. Additionally, the P38s have solid axles (better for offroading) whereas the newer model has independent suspension (better onroad). Watch out for the air suspensions on the P38s, they're prone to failure so check to see if it's in good working order or has been replaced with coil springs. The newer model Range Rovers ('03+) seem to have more reliable air suspension.
Here's the P38 (1995-2002)
