This might help:
http://shop.gopro.com/EMEA/compare?category=cameras
Seems that the cheaper one mainly lacks connectivity (so, for example, you have to remove the microSD card to download footage, which strikes me as a pain)
I think on the cheaper one, the battery is not removable, again i think that would be a problem for me because GoPros aren't renowned for battery life and a fully charged spare is always useful.
I suppose it depends how much you value those things. I have just bought the 4 Silver and it is absolutely brilliant. Having the touchscreen is really useful (so certainly don't bother going for the more expensive Black, which doesn't have that)
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