Allegedly, Fender uses select “nicer”, lighter wood for the bodies. I’m not convinced of that since the specimens I’ve had in my hands of both were fairly similar in that regard. They both use 2-3 piece alder bodies. I have refinished a couple non RW versions of the 50’s P and both had very decent looking wood underneath. The RW’s do have rolled fingerboard edges and the necks are sanded to a satin feel. They feel broken in from the start, which is nice. Aside from that, I’m not sure there is much more that sets them apart. They used to have the same pickups as their poly counterparts, but I’m not sure if that’s still the case.