The main differences are;
chassis moulded with closed battery slots
slipper clutch optional locking pin included
springs
body
some slightly tweeked hardware
but the main differences in terms of performance are
rear wishbones
rear hubs
rear driveshaft dogbones
rear driveshaft axles
optional LAW36/37 aluminium rear hinge pin hangers (with toe adjustment) in the box (I think .. best check with Neil first)
I am considering getting a brand new FS2 to replace my much used but still brilliant FS as the cost of the rear end components and body more than justify the additional cost over an FS kit and upgrade. Yes I know I have most of the bits but they are as well loved as the rest of the car.
Still not bad, not a single piece of drivetrain hardware changed due to wear in 2 years of running her ... like to see many other 4wd cars do that