Well, I've never been shy about expressing an opinion so I'll get my feet wet first.
A lot of money.
The higher-end 300 processors are essentially 400 cpu's in a 300 chassis. I have done a few single panel applications that controlled an entire process - the entire room. One was a 318 and the other was a 317 cpu (more powerful than the 318) and both had resources to spare - 20% memory left with very fast scan times. Five or ten years ago this would have required 400 power but the newer 300 line is very powerful. The 319 blows everything away - though I haven't had a chance to use it yet.
PCS7 is Siemens' answer for DCS and it does not work with the 300. The 300 processors also don't support all the interrupts like the 400's, you get an OB35 and that's it. There are other differences of course and I'm sure more people will post.