For the most part, it is better because it works with the new v1.3 xbox's, but here is the "new" list.
*NEW IN X2.2 LITE*
-The PCB is RED - NOT BLUE.
- Now comes in its own box, not a bag.
- Now works on XBOX 1.3 as well as the others
- Added new external switch module
- External module includes LED to display mod enable/disable, bios select (bank 1 or bank 2), and Flash protection (enable/disable).
- External module designed to fit under the front lip of the case
- 2x hyper Blue LEDs on mod chip. No reason (just looks really cool!)
- Solder pad space to solder your own custom LED(s) - [resistor already fitted to regulate the supply to the LED(s)]
X2 Pro has flash protections on it. A little more stuff, check here:
http://shop.system-mods.com/product.asp?3=10