Hello, Matt.
Some of the differences :-
Racing version has slightly different hull, fin, ballast and rudder shape.
The fin is moveable for and aft.
The sails have battens and I think may be made of different material.
The mast and spars are carbon fibre not aluminium.
The gooseneck/kicker arrangement is much more sophisticated.
There may well be more differences that I've missed.
Mike Weston at
http://www.rcyachts.org.uk is the expert on all things Micro Magic. Might be worth a call.
I have the racing version and thinks it's a well thought out boat that's very nice to sail but I'm sure the "basic" one would give equal satisfaction to a sailing beginner.
Mike