One contains MPEG2 live textures showing a stunning stretch of water, complete with water splashing from other ships. Another uses transparency to make huge sections almost completely transparent. Kinda like that Motor Toon Racing transparent track taken to the extreme. You have a jump into complete fog that lasts , until you suddenly escape the fog into a completely different environment. Again, no pause to load a new set of high-res textures.
Weapons keep much of their heritage, just looking better than ever.
Remember the wimpy sparks in Wipeout XL when you hit someone with the shockwave. Music is top notch, easily matching the previous ones. This time in 5.1 surround, though. Same with sound effects. Fully directional sound effects, no simulation.